By Clancy Yeates, SMH Business Reporter
The banking regulator has launched a defence of self-regulation in finance, saying such a system is essential but the industry must lift its game and do "the right thing" by customers, even if it means missing out on business.
The chairman of the competition regulator, Rod Sims, wants the government to create a new law against "unfair trading practices", which would not only allow him to tackle the technology platforms but lift standards in the banking sector.
By Alex Sampson, Banking Daily
Australian banks and their bosses are capable of change. That will be the message at the Banking and Finance Oath conference next month.
For the very first time, The Banking and Finance Oath (The BFO) is undertaking an advertising campaign using the Australian Financial Review (AFR) as its media channel of choice to target professionals working in the banking and finance industry.
At the AFR Summit this week on a panel looking at 'The challenge of re-establishing trust' with Colin Neave AM, ANZ, Deen Sanders OAM, Deloitte, and Mike Baird, NAB, Cris Parker brought the employees of a post-Hayne era sharply in to focus, encouraging organisations not to lose sight of their most important asset.
Photo courtesy of AFR.
By Jemima Whyte: Phil Chronican, veteran banker, All Blacks supporter, keen cyclist and acting National Australia Bank chief executive, demurred this week when asked if he wanted to be the bank's chairman.
By Anastasia Santoreneos: While industry codes of ethics will play a pivotal role in keeping financial institutions in line, the Board of Banking and Finance Oath (BFO) says the Royal Commission has placed the real onus back on the individual to practice ethical decision-making and accountability.
Wednesday 6 February 2019
Perhaps The Banking and Finance Oath was an initiative developed ahead of it's time. But the date of Monday 4 February 2019 has drawn a very clear line in the sand. Dr Simon Longstaff explains why now is the time for individuals working in financial services to take the Oath.
Wednesday 6 February 2019
The Board of The Banking and Finance Oath (The BFO) welcomes Commissioner Hayne's focus on honesty and individual accountability in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Wednesday 5 December 2018
By Sally Patten:
A tendency for directors to lead privileged lives contributes to poor oversight of companies because board members lack empathy with customers, a senior academic argues.
Rosemary Sainty, scholarly teaching fellow atUTSBusiness School, said that while greater gender balance at board level was important, boards needed more directors from different cultural, socio-economic and disciplinary backgrounds.
By James Eyers:
Boards have ultimate responsibility for repairing the erosion of trust in banks and must drive senior management away from a myopic focus on short-term profits, said former regulator John Laker.
By James Eyers: Low levels of public trust in major banks is being used as ammunition by fintech competitors to lure away their Millennial customers, says Afterpay's executive director Anthony Eisen, in an indication the Hayne royal commission could embolden the fintech sector to further improve services and reduce fees.
By Mark Eggleton: With the banking royal commission's interim report due out today, it's interÂesting to note that more regulation is not the only answer when it comes to rectifying the financial sector's malÂfeasance.
The chairman of an organisation charged with upholding ethical standards in the finance industry will head a regulatory inquiry into the Commonwealth Bankâ€™s culture and governance.
The inaugural BFO Conference provided an environment that allowed ASIC, APRA and the banks to talk openly about areas within financial services that need stronger ethical consideration.
James Eyers reports on the day.
Clancy Yeates attended The BFO conference and reports on the open discussion had about the regulator's power to ban senior bankers and much more.
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