SYDNEY, Dec 11 Australia's Big Four banks
generated over A$1.1 billion ($792 million) in revenue by
lifting rates on interest-only mortgages in unison in response
to a regulatory change, the country's competition watchdog said
SYDNEY Australia's largest pension fund, AustralianSuper, said it will vote against the executive pay of three of the country's biggest banks, in a show of the investment community's souring attitude toward the sector following a year-long misconduct probe.
* IOOF shares down over 40 pct since Friday
(Updates with share price move, background)
* Move puts agreement to buy ANZ's pension business at risk
(Adds risk of management overhaul comments, updates shares)
SYDNEY, Nov 28 Australia's AMP Ltd said
on Wednesday compensation for customers who had received bad
advice or been wrongly charged would total A$778 million ($562.3
million), as jitters about the size of the bill drove its shares
down almost 6 percent.
SYDNEY, Nov 28 Torrential rain triggered flash
flooding that turned streets into rivers in Sydney, Australia's
biggest city, on Wednesday, causing major disruptions to the
SYDNEY Australia's largest-listed wealth manager, AMP Ltd , told an inquiry on Tuesday it expected to spend A$1.18 billion ($852.6 million) to compensate customers who had received bad advice or been charged for no service.
SYDNEY, Nov 27 National Australia Bank Ltd's
chairman said on Tuesday he regretted the board's
failure to step in after the lender took three years to agree a
refund for thousands of pension fund investors charged fees for
advice they never received.
SYDNEY The chairman of National Australia Bank Ltd said at an inquiry into sector misconduct that it would take a decade to fix the profiteering culture that has shredded the reputation of the lender and the broader financial industry.
SYDNEY, Nov 22 The CEO of Macquarie Group Ltd
glided through an appearance at an inquiry into
misconduct in Australia's financial sector on Thursday, as the
country's largest investment bank has not been the subject of