AMP is digging deep whilst Westpac is laying low

Poor financial advice, dishonest fees, doctored documents, wronged customers – the Banking Royal Commission needs no further introduction. Now the key priorities of the Banks, who are in the spotlight, are remediating damage already done and dealing with regulator action.

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CBA’s $700 million fine and ANZ’s newest criminal charges.

One thing that cannot be said for the Australian financial service industry, is that it is pedestrian and mundane. In another explosive week we have seen CBA confirm a monetary settlement with AUSTRAC for their anti-money laundering breaches, and ANZ (and others)...
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Conflicts, Culture and the Royal Commission

After several years of significant regulator attention, damning reports into industry practice and a considerable amount of legal and regulatory change, the Banking Royal Commission has cast doubt on whether fundamental conflicts within the financial advice industry, particularly in vertically integrated business models, are being adequately managed. 

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