Commonwealth Bank of Australia says it has suspended preparations for the demerger of its wealth management and mortgage broking businesses in order to focus on implementing the recommendations of the banking royal commission.
The CBA says it remains committed to"ultimately" exiting its wealth management and mortgage broking businesses.The lender last year unveiled plans to demerge the entire wealth management and mortgage broking armsIt then sold its asset management arm to Japan's Mitsubishi UFJ Financial Group in a surprise move. The business was expected to be the crown jewel in CBA's intended market float.
Wealth managers were subjected to much scrutiny after the royal commission revelations of deceptive conduct, which included practices of charging customers for services they did not provide. AMP, the country's largest, had allegedly misled regulators for almost a decade. At the time CBA announced the demerger, Macquarie analsysts estimated the new company, to be known as CFS Group, would be worth between $6.5 billion and $10 billion, making it one of the biggest wealth firms in Australia.
as trailing comm is allowed by LNP gov they want to keep fin planning The same greed inducing trailing comm would make lots of profit using other peoples' money
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CBA shareholders footing most of bank's $1.4b customer compensation billThe Commonwealth Bank confirms shareholders will bear the bulk of its $1.4 billion bill for customer compensation, while Westpac's boss struggles to answer some questions about the bank's home lending. as it should be. they got the profits when the CBA were being dodgy 🤷♂️ Well so they faaarking should! They own the business don't they? Penut, penalty should have been a jail terms
Source: abcnews - 🏆 5. / 83 Read more »
CBA shareholders footing most of bank's $1.4b customer compensation billThe Commonwealth Bank confirms shareholders will bear the bulk of its $1.4 billion bill for customer compensation, while Westpac's boss struggles to answer some questions about the bank's home lending. as it should be. they got the profits when the CBA were being dodgy 🤷♂️ Well so they faaarking should! They own the business don't they? Penut, penalty should have been a jail terms
Source: abcnews - 🏆 5. / 83 Read more »
Fees to consult mortgage broker would be ‘unnecessarily cost prohibitive’ | Sky News AustraliaThe Morrison Government is abandoning a proposed ban on mortgage broker trailing commissions, going against the recommendations of the Banking Royal Commission report to keep competition in the market.\n\nThe move will create a point of difference between the Coalition and Labor, which is promising to push forward with the ban.\n\nThe Sky News host says if the royal commission recommendation was implemented, the fees to consult a mortgage broker would be an ‘unnecessarily cost prohibitive’ for home buyers and that the government had made a ‘good decision’ to abolish them. \n\n\n\n\n Paul Murray is an expert on...*checks notes*....nothing. Also, the Scott Morrison govt could anounce a policy tomorrow to public torture and kill all puppies and Paul Murray would say the government had made a ‘good decision’. If they were smart ... like RE agents ... they would have 30+ lenders in their portfolio And get paid on settlement Overly simple? They're still doing the same job BUT paid on RESULTS! Borrowers are on a WIN WIN Rates remai highly competitive! Simple Just have to see how Labor responds now. How will THEY commit if they win the election. 🤷🏻♂️
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Morrison govt abandons mortgage broker commission ban | Sky News AustraliaThe Morrison Government is abandoning a proposed ban on mortgage broker trailing commissions, in a major win for the sector. \n\nThe government's decision goes against the recommendations of the Banking Royal Commission report and will create a point of difference between the Coalition and Labor, which is promising to push forward with the ban. \n\nTreasurer Josh Frydenberg says the government is rejecting the recommendation because it wants to keep competition in the mortgage market. \n\nImage: News Corp Australia \n\n\n\n\n\n\n\n\n JimMolan ASIC is the SEC of Australia and like the SEC is bloody useless unless a giant vacuum cleaner sucks the rubbish out of it. JimMolan stop bullshitting, vast resources HAVE NOT been given to the ASIC JimMolan That is what the royal commission was supposed to do. Another waste of $50 million. The LNP knew a RC would achieve nothing.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
'I couldn't pay my mortgage': How Liz Cambage was pushed to the limitOne of Australia's most successful woman athletes has learned the hard way that only she has her best interests at heart. There are many limits, but this ain’t one... More and more people are finding that so unfortunately! $200k in two years.., probably club drs, physio, food, sponsored clothing? Ye that is a struggle
Source: theage - 🏆 8. / 77 Read more »
Mortgage broker debate is everything that is wrong with our democracyAustralians deserve mortgage brokers who are incentivised to not only ferret out the cheapest loan for potential borrowers, but also encourage them to adopt a prudent attitude to debt. Jess_Irvine A few flawed assumptions in your position Hayne is not an expert The greater beneficiary of the position he advocated were the banks.A wholly illogical position given the brief. He gave too much weight to CALC etc and we have now a grab bag of overseas models. Not good enough. Jess_Irvine The Triumph of the Rent Seekers ScottMorrisonMP Jess_Irvine Mortgage Brokers are rip off merchants,Frydenberg is a liar and will do his best to protect them. Never ever go to a Mortgage Broker for a Loan. go straight to the bank or lending institution yourself.
Source: smh - 🏆 6. / 80 Read more »
Government ditches Hayne recommendation on mortgage broker payThe federal government has ditched a key recommendation from the banking royal commission to scrap trail commissions for new loans arranged by mortgage brokers | sdanck sdanck Apart from corruption, There's no other logical explanation. JoshFrydenberg Auspol sdanck This makes it even more urgent to vote the LNP out. They said they would act on the comission and they did....by ignoring it. Surprise! Backing their banking pals. sdanck Josh fed out again to do the Friday trash but it’s not Friday. Just Josh doing the work of the masters must be part of his religious background to take so much shit and keep smiling. Hey Josh another shit sandwich tomora mate ?
Source: smh - 🏆 6. / 80 Read more »
Mortgage brokers get stay of execution as Government backs away from commission banWith an election just weeks away, the Federal Government backs away from the banking royal commission's recommendation that all commissions in the mortgage broking industry be abolished. More tax payer funded Ad's for the Labor Party from our ABC. What happens when parliament ignores what the professionals in the trade say? Glass-Stegall because the banks and their regulators can never ever be trusted again !
Source: abcnews - 🏆 5. / 83 Read more »