ANZ has been forced to do a widespread review into its entire organisation after the financial regulator flagged issues stemming from the bonds trading scandal “may be present in other parts of the bank”.
The APRA is set to call time on long-serving,incompetent and conflicted directors under a planned major shake-up of standards at banks,insurers and super funds.
Millions of Australians collectively carrying more than $43 billion in student debts have faced problems getting a mortgage. Now they may have a chance to buy a home.
The financial regulator has launched another investigation into embattled superannuation giant Cbus over its expenses bill.
A review into the culture of the construction industry super fund,commissioned in 2015,has finally seen the light,and it says the fund was too closely linked to the disgraced CFMEU.
Long-serving union secretary Michael O’Connor is facing a court-sanctioned ban as a super fund director after APRA sued him last year.
Australian super funds’ expenses swelled to almost $13 billion last financial year,including a $500 million splurge on an advertising and sponsorship blitz.
ASIC chair Joe Longo said the probe into allegations ANZ traders manipulated the bond rate was one of the most complex investigations the regulator had undertaken.
When a $2.4 million contract between the CFMEU and industry fund First Super was up for renewal,a long-serving union secretary allegedly saw a profitable opportunity.
The super giant’s chairman was hauled before a Senate committee,where he was grilled over the governance failings engulfing the embattled fund.