NAB bosses promise reform after ASIC finds more than 10k law breaches

NAB bosses promise reform after ASIC finds more than 10k law breaches
Jenny Ruth
A day after Australia's corporate regulator accused it of breaking the law more than 10,000 times, National Australia Bank's new chair and chief executive assured shareholders they will drive significant change at the same time as fixing past transgressions.And that they will be accountable to shareholders, both told the annual shareholders' meeting in Sydney.Chair Philip Chronican, who acted as interim chief executive for nine months until Ross McEwan took the reins two and a half weeks ago, said Australia's royal commission on financial servi...

More Finance

Tech entrepreneur Ashutosh Sharma made bankrupt
Finance Exclusive

Tech entrepreneur Ashutosh Sharma made bankrupt

Sharma styled himself as a prolific company founder and high-flying businessman.

Lending rules further eased
Finance

Lending rules further eased

The Government is continuing to pick away at consumer protections, criticised for making it unnecessarily difficult to borrow money.Cabinet has agreed to further change the Credit Contracts and Consumer Finance Act (CCCFA) so lenders don’t find themselves in too much hot water if...

Staff reporters 05 Sep 2024
FMA cancels firm's licence that didn't live up to its name 'Integrity'
Finance

FMA cancels firm's licence that didn't live up to its name 'Integrity'

The Financial Markets Authority is cancelling the licence of a financial advice provider for serious misconduct, including misleading customers and charging excessive cancellation fees.The licence was held by Christchurch-based Integrity Advisers Insurance Limited (Integrity), wh...

Staff reporters 04 Sep 2024