Josh Frydenberg wants to ensure that any action against banks in the wake of a scathing report on their misconduct does not lead to tighter lending or hurt the economy, he said in a media interview.
Australia’s new federal treasurer, Josh Frydenberg, criticised the conduct of the corporate regulator and promised it powers to speed up compensation for mistreated customers.
Australia’s corporate watchdog sued Australia and New Zealand Banking Group Ltd (ANZ.AX) over a troubled A$2.5 billion (1.4 billion pounds) share placement, flexing its muscle amid criticism levied at regulators for being soft on finance firms.
Australia’s corporate watchdog said it had launched a court action against two units of National Australia Bank’s (NAB.AX) wealth management division for charging fees with no service.
Australia’s second-biggest lender Westpac Banking Corp (WBC.AX) agreed to pay a A$35 million (19.4 million pounds) fine after admitting to wrongly assessing people’s ability to repay mortgages, the corporate regulator said.
National Australia Bank Ltd charged clients for services not rendered, and downplayed the issue to the corporate regulator to avoid adverse publicity, a powerful inquiry into financial sector misconduct heard.
Intel Corp said that it plans to acquire eASIC, a small chipmaker that will help further Intel’s efforts to diversify away from CPU chips.
CBA and ANZ have halted sales of complex pension products without proper advice to banking customers at their branches after regulatory action, the regulator said.
Australia’s corporate watchdog said it will pursue enforcement action against financial planners who advise self-funded pension funds but have broken the law.
Australia’s securities regulator has filed a lawsuit against No. 2 lender Westpac over a financial planner who it alleges gave poor financial advice for years.