Mortgage brokers are undertaking a major ad campaign to defend their industry against Kenneth Hayne's recommendations that they lose their commissions, but many of their arguments struggle to stack up.
Wealth management giant AMP's full-year profit crumbles by 97 per cent, as it faces the fallout from a range of scandals exposed by the royal commission and shrinks due to the sale of its life insurance business.
Demand for housing loans is dwindling from both investors and owner-occupiers, and some experts are warning the lending slump is creating a "feedback loop that drives prices significantly lower".
Future Fund chairman, and former treasurer, Peter Costello says NAB's chairman Ken Henry should have left the bank before its chief executive and should have no role in picking its new leader.
Banks and insurers must "lift their socks" and show compassion to north Queenslanders affected by the floods, Deputy Premier Jackie Trad says, as insurers receive about 12,000 claims so far in the Townsville region.
Banks and insurers must be "good corporate citizens" and show compassion to north Queenslanders affected by the floods, Deputy Premier Jackie Trad says, with insurers receiving about 12,000 claims so far in the Townsville region.
Borrowers may have to pay an upfront fee when their home loan is arranged, in a move applauded by consumer advocates but which mortgage brokers say would devastate their industry and increase the dominance of the big four banks.
Individual AMP executives are preparing for the possibility of facing criminal charges over the billion-dollar 'fees for no service' scandal, the company's lawyer said this morning.
Having twice missed out on the top job at a major Australian bank, Phil Chronican gets the nod at the crisis-ridden NAB, at least temporarily.
National Australia Bank CEO Andrew Thorburn and chairman Ken Henry resign from the bank, with Mr Thorburn to leave at the end of the month, and Dr Henry to stay on until a new, permanent chief executive is appointed.