Liberals agree to implement FOFA, a decade too late

Commbank is one of the banks under scrutiny.. Image Getty Images

Commbank is one of the banks under scrutiny.. Image Getty Images

Misconduct reached into the sector's upper echelons, with top wealth manager AMP Ltd engaging in board-level deception of a regulator over the deliberate charging of customers for financial advice it never gave.

Hayne's recommendation that mortgage broking be moved fully to a fee-for-service model in which borrowers would pay brokers, not the banks, has too many people anxious - not just mortgage brokers, but people concerned about banking competition.

Veteran bank analyst Brian Johnson of CLSA believes the recommendations of the Royal Commission report are broadly in line with his expectations and given the banks have already begun to implement numerous recommendations (and their share prices already de-rated), he thinks banks stock prices could now move higher.

AFG managing director David Bailey said the review period offered an opportunity for the industry to promote "the clear benefits" of mortgage broking, which now accounts for 59 per cent of all home loans written in Australia. "Businesses have been broken, and the emotional stress and personal pain have broken lives", Australian Treasurer Josh Frydenberg said. Shareholders registered their distaste by voting against the executive remuneration plans of two of Australia's biggest financial institutions, National Australia Bank and Australia and New Zealand Banking Group. The broader market closed 0.5 percent higher.

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Those are not the values I learned from my parents, and those are not the values Amy and I have instilled in our children. I am trusted with representing this organization and our fans with a respect for people from all backgrounds.

"Andrew Thorburn won't last too long", he said.

"It's very disappointing that the royal commission wants to destroy some 20,000 small businesses for the monetary gain of the big banks, and we trust the Government will see clearly on this and continue to work extensively with our industry to improve consumer outcomes".

The report comes ahead of an election expected in May in which falling house prices could be a hot-button issue. Labor says it expects to adopt all the commission's recommendations.

But he has warned against overreaching and cutting off credit flows, a likely battle-line for the government as it fights for electoral survival.

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A crowd of people can be seen watching the street performance, which appeared to be a busking effort to fund a round-the-world trip.

The Royal Commission was a quasi-judicial independent body led by a former high court judge that was tasked by the government, reluctantly at first, with investigating financial sector misconduct following a string of banking scandals.

"That is, there remains a reluctance in some entities to form and then to give practical effect to their understanding of what is ethical, of what is efficient, honest and fair, of what is the right thing to do", the report said.

Dr Henry dismissed suggestions from the royal commission that he seemed unwilling to accept criticism of how the board dealt with issues like charging fees for no service. "I know that is not so", he said.

At the time of writing, Commonwealth Bank ((CBA)) is up 4.7%, Westpac ((WBC)) 7.0%, ANZ Bank ((ANZ)) 6.2% and National Bank ((NAB)) 5.0%.

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The rule is meant to " reinvent the antiquated rules of dating ", Bumble writes on its website . In the ad, the tennis super star encourages women to not wait and that they have the power.

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