array(1) {
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["id"]=>
string(5) "15670"
["title"]=>
string(37) "Capitalising on the COVID-19 pandemic"
["alias"]=>
string(37) "capitalising-on-the-covid-19-pandemic"
["introtext"]=>
string(208) "
More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?
" ["fulltext"]=> string(1236) "In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.
In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.
Thanks Billie, for sharing your insights with the nestegg podcast team!
Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!
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string(5) "15384"
["title"]=>
string(76) "Got a problem with your financial service provider? It’s worth complaining"
["alias"]=>
string(73) "got-a-problem-with-your-financial-service-provider-it-s-worth-complaining"
["introtext"]=>
string(463) "
More than 80,000 complaints have been filed with the Australian Financial Complaints Authority in the past 12 months alone, which has led to the recuperation of more than $250 million in compensation and refunds for Aussie consumers.
Write comment (0 Comments) " ["fulltext"]=> string(2853) "Proving that it’s worth lodging a dispute with the regulator, AFCA has revealed it was able to resolve 78 per cent of the 80,546 complaints, which mainly related to the conduct of banks, insurers, super funds and financial firms.
Almost 30,000 complaints were directed at the banks (28,411), while 15,748 complaints related to the conduct of general insurers.
A further 9,857 complaints were associated with credit providers.
AFCA highlighted that a whopping one in five licensee members, or 19 per cent, had a complaint lodged against them over the financial year.
According to CEO and chief ombudsman David Locke, most complaints over the 12-month period centred around credit (43 per cent of complaints), insurance claims (24 per cent) and superannuation (9 per cent).
He flagged that a further one in 10 complaints related to financial difficulty – “where a consumer was unable to make repayments on loans due to unforeseen circumstances or over-commitment”.
And while complaints that were related to the COVID-19 pandemic were more likely to involve financial difficulty, Mr Locke said that overall, AFCA saw less complaints related to COVID-19 than it had anticipated.
This was due to the “proactive response” taken by financial firms, Mr Locke considered.
“We commend financial institutions for their quick response to the pandemic,” he added.
“As always, we encourage banks and insurers to maintain open and transparent communication with their customers about the support available to them if they’re experiencing financial difficulty.”
AFCA does expect to see more COVID-19 financial difficulty-related complaints over the next six months, the CEO flagged, especially as government support measures wind back, and an end to the ban on rental evictions and mortgage pauses occurs.
“If you think you will experience financial hardship soon, or believe your circumstances will change, we encourage you to contact your bank or a financial counsellor as soon as possible to talk about the options available to you,” the chief ombudsman has advised.
Did you enjoy this article? You may also be interested in:
- The Consumer Data Right is now live: What does this mean?
- Financial complaints spike due to COVID-19
- How will a bank treat a COVID-19-affected borrower?
More than 80,000 complaints have been filed with the Australian Financial Complaints Authority in the past 12 months alone, which has led to the recuperation of more than $250 million in compensation and refunds for Aussie consumers.
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["alias"]=> string(55) "the-consumer-data-right-is-now-live-what-does-this-mean" ["introtext"]=> string(406) "With the permission of a customer, banks are now be able to share consumer data with other banks, thanks to the Consumer Data Right system. So, how will this system actually benefit Australians?
Write comment (0 Comments) " ["fulltext"]=> string(2322) "The Australian Competition and Consumer Commission has revealed that now that the Consumer Data Right (CDR) has gone “live”, all four major banks are now capable of sharing their customers’ data when this is requested by the customer.
This means that from today, individual customers can request that their bank share their data for deposit and transaction accounts and credit and debit cards, where the customer is potentially wanting to access a financial product from a competitor that could be better suited to them – whether that be based on price, terms and conditions of the product, or tailored offerings.
From 1 November, the CDR will also see consumers able to share their data related to home loans, investment loans, personal loans and joint accounts for the same purpose, with other banks and financial institutions to join the scheme over the coming year.
According to ACCC commissioner Sarah Court, the CDR “gives consumers control over information banks already collect about them”.
“Importantly, from today, it allows consumers to share that data with other businesses, such as fintechs, that may be able to provide them more personalised services and competitive offers.”
She called the CDR’s going live a “significant milestone”.
“Consumers can now request their data relating to their deposit or transaction accounts, credit or debit cards to be shared securely in order to receive those offers – without all the time and energy that it would normally take for a consumer to do this on their own,” Ms Court said.
Did you enjoy this article? You may also be interested in:
- Shelter from the storm: Australians find sanctuary with big 4
- Back to basics: Why banks need to invest in data or risk falling behind
- Financial complaints spike due to COVID-19
With the permission of a customer, banks are now be able to share consumer data with other banks, thanks to the Consumer Data Right system. So, how will this system actually benefit Australians?
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["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(77) "/borrow-money/banking/the-consumer-data-right-is-now-live-what-does-this-mean" ["image"]=> string(49) "images/article-826x550/credit-card-payment-ne.jpg" ["image_alt"]=> string(23) "The Consumer Data Right" } [2]=> object(stdClass)#4377 (56) { ["id"]=> string(5) "15303" ["title"]=> string(61) "Shelter from the storm: Australians find sanctuary with big 4" ["alias"]=> string(60) "shelter-from-the-storm-australians-find-sanctuary-with-big-4" ["introtext"]=> string(338) "Australian borrowers appear to have flocked back to big four banks in droves since the COVID-19 crisis began – but why?
Write comment (0 Comments) " ["fulltext"]=> string(2474) "Comparison site Lendi has revealed that more than double the normal number of home loan customers have chosen a big four bank for their mortgage since 1 March 2020.
Between 1 March and 31 May, 38 per cent of Lendi users chose a mortgage option from a big four bank – compared with just 16 per cent in pre-pandemic conditions.
Co-founder and CEO David Hyman said it was during the final weeks of March and into early April that the comparison site “really saw our borrower behaviour deviate from the norm”.
“Preferences for the big four peaked at this time, alongside refinancing activity and hardship enquiries,” he continued.
Interestingly, refinancers led the swing back to the major banks.
While just 14 per cent of Lendi refinance customers refinanced their home loan with a big four bank in the 12 months prior to the pandemic, this skyrocketed to 48 per cent of all refinancing applications over March, April and May.
Lendi said the increased popularity of the big four banks coincided with a number of cashback offers and low fixed rates – spurred on by the RBA’s out-of-cycle rate cut in March.
Mr Hyman further explained that the big lenders “took advantage of cheaper wholesale funding from the RBA and an influx of deposits to offer very competitive fixed-term rates to home loan customers.”
“They became the flavour of the month, most notably in April, but what we’ve seen since is some of the big banks unable to keep up with the demand generated.”
Lendi also highlighted a greater trend towards fixed loans: The proportion of Lendi’s borrowers selecting fixed loans jumped to 26 per cent in the three months to the end of May.
It was a notable increase from the 15 per cent of borrowers recorded in the year to 29 February 2020, the comparison site said, with investors continuing to be more likely than owner-occupiers to fix rates.
Overall, 33 per cent of Lendi’s investor customers chose this option between March and the end of May.
Weighing in, Mr Hyman said that “to date, we haven’t seen the same uptake or swing towards interest-only repayment terms, and the proportion of customers selecting this option remains stable.”
But, “as households come off their mortgage holidays, or JobKeeper payments wind up, we may see an increase in people moving to interest-only terms”.
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line, with the filing of yet another class action on the matter in the Federal Court.
Write comment (0 Comments) " ["fulltext"]=> string(3421) "Slater and Gordon has filed the lawsuit against the Commonwealth Bank of Australia for selling customers junk credit card and personal loan insurance, alleging the insurance it did provide was “junk”.
According to the firm, which is running the class action no win, no fee, the Commonwealth Bank has previously admitted that these products were worthless, despite being sold to hundreds of thousands of CBA customers.
Slater and Gordon highlighted that during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the bank’s current CEO, Matt Comyn, had pushed for junk insurance to be desisted back in 2015.
The then CEO had told Mr Comyn to “temper [his] sense of justice”, and the products continued to be sold until March 2018, with existing policies still rolling over.
Consumers who purchased either Credit Card Plus or Personal Loan Insurance and have paid a premium since 2010 may be included in the class action.
Slater and Gordon practice group leader Andrew Paull has flagged that “a 2018 review of the Commonwealth Bank’s sale of consumer credit insurance products revealed that more than 200,000 people who were unemployed or not working full-time had been sold this type of policy, meaning it was very unlikely they would have been able to claim against the insurance”.
He said he hopes the class action will lead to customers getting their money back, and ensure the bank is held accountable for its wrongdoing.
“This is reprehensible behaviour by the bank, which has chosen to compensate only a negligible portion of its customers, despite their admission that they knew the insurance was worthless,” Mr Paull commented.
According to Mr Paull, “this move to return only a small portion of its customers’ premiums seems to have been a tokenistic effort to protect the bank’s brand, rather than a genuine attempt to make good its past wrongdoing”.
The lawyer has called on the Commonwealth Bank to do the right thing, and properly address the claims brought in this class action by ensuring that all aggrieved customers are compensated.
It comes just days after the bank was ordered to pay a $5 million penalty for failing customers of the AgriAdvantage Plus package.
The new class action also comes after the Federal Court agreed to a $49.5 million class action settlement between NAB and Slater and Gordon that was related to its sale of consumer credit insurance to vulnerable customers.
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Another major bank is in the junk insurance firing line, with the filing of yet another class action on the matter in the Federal Court.
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customers using the AgriAdvantage Plus Package on more than 130,000 occasions in a new court judgement.
Write comment (0 Comments) " ["fulltext"]=> string(3512) "nestegg first highlighted the legal challenge against the bank as being brought by the Australian Investments and Securities Commission (ASIC) back in March.
Between May 2005 and December 2015, the Commonwealth Bank sold customers the AgriAdvantage Package, which reportedly entitled them to benefits in the form of fee waivers, interest rate discounts and bonus interest on savings, in exchange for the payment of package fees on 22 CBA products.
ASIC had alleged, and CBA consequently admitted, that contrary to the terms of the AA+ Package, CBA did not provide certain benefits to customers and, as a result, customers were overcharged fees and interest on loans and fees, and underpaid interest on savings. CBA also overcharged AA+ Package fees to certain customers.
An ASIC statement revealed that the causes of CBA’s failures included the highly manual nature of CBA’s systems by which the AA+ Package benefits were applied as well as CBA having no systems or processes in place to check whether customers were receiving benefits, which was also noted in the Federal Court of Australia decision from Justice Beach.
According to the corporate regulator, a total of 8,659 customers were impacted by CBA’s conduct on 131,542 occasions, in circumstances where CBA benefited from a total of $8,087,276.23 in incorrectly charged fees and interest on loans, and underpaid interest on savings.
Justice Beach considered that “CBA breached its obligation to do all things necessary to ensure that the financial services covered by its AFSL were provided efficiently, honestly and fairly”, and said a pecuniary penalty of $5 million was appropriate.
The judge had taken into consideration the number of contraventions over an extended period, the prejudice to customers, and the inadequacy of the bank’s internal systems and processes.
According to Justice Beach, “the penalty imposed recognises the gravity of the contraventions that occurred whilst taking into account the ‘very substantial mitigating circumstances’, including that the contravening conduct was not deliberate and that there has since been ‘complete rectification and remediation’.”
Weighing in on the court’s findings and decision to impose a $5 million penalty, ASIC deputy chair Daniel Crennan QC said that “as recognised by Justice Beach in his judgement, CBA took steps to address the harm that the conduct caused and, importantly, made admissions as to its contraventions of the law at the first possible opportunity in the litigation”.
He said ASIC expects all entities it regulates to “make admissions and engage in the penalties process at the earliest possible opportunity” when ASIC issues proceedings against them.
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The Commonwealth Bank of Australia has admitted that it failed more than 8,ooo customers using the AgriAdvantage Plus Package on more than 130,000 occasions in a new court judgement.
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["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(69) "/borrow-money/banking/cba-to-cough-up-5-million-for-customer-failings" ["image"]=> string(33) "images/article-826x550/cba826.jpg" ["image_alt"]=> string(3) "CBA" } [5]=> object(stdClass)#4380 (56) { ["id"]=> string(5) "15233" ["title"]=> string(59) "Westpac blames poor judgement for money laundering breaches" ["alias"]=> string(59) "westpac-blames-poor-judgement-for-money-laundering-breaches" ["introtext"]=> string(376) "Poor individual judgement has been cited as one of the reasons Westpac was alleged to have made 23 million breaches of Australia’s anti-money laundering laws.
Write comment (0 Comments) " ["fulltext"]=> string(4876) "The bank has now released the findings from its own investigation into its compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
In November last year, the Australian anti-terrorism regulator filed a civil penalty order against the big four bank, alleging systemic non-compliance with the AML/CTF Act, which even saw it failing to detect known child exploitation risks.
The company board had made a commitment to make the review’s results public at its 2019 annual general meeting, with the latest update from the bank revealing a concession from Westpac that it had failed to properly adhere to AUSTRAC guidance for child exploitation risk.
This was due to deficient financial crime processes, compounded by poor individual judgements, the bank’s statement read.
In its review, Westpac identified three primary causes of the AML/CTF compliance failures:
- Some areas of anti-money laundering and counter-terrorism financing risk were not sufficiently understood within Westpac;
- There were unclear end-to-end accountabilities for managing AML/CTF compliance; and
- There was a lack of sufficient AML/CTF expertise and resourcing.
Weighing in on the findings, chairman John McFarlane said it had been his experience since joining the bank “that Westpac deeply regrets this matter”.
“Indeed, recognising the seriousness of the issues raised by AUSTRAC, the former CEO stepped down and the former chairman brought forward his retirement,” he added.
“We are all committed to fixing these issues so they don’t happen again.”
The report noted that with the benefit of hindsight, and the board’s escalation of focus on AML/CTF compliance, “directors could have recognised earlier the systemic nature of some of the financial crime issues Westpac was facing”.
According to Westpac CEO Peter King, the review looked back more than 10 years, with “appropriate” action already having been taken where wrongdoing occurred.
“Remuneration and disciplinary actions took into consideration decisions already taken and announced, the level of direct managerial responsibility or accountability for the compliance failures, and the level of culpability for failings,” he outlined.
“While the compliance failures were serious, the problems were faults of omission.”
The CEO observed “there was no evidence of intentional wrongdoing”.
Mr King’s comments come after the bank recently conceded it would likely be forced to cough up $900 million for the civil claim.
This was detailed in an announcement to shareholders that detailed a billion-dollar hit to cash earnings in 1H20.
In light of the report, and in acceptance of the review’s recommendations, Mr King recognises a need for change to take place:
“We have established a new Board Legal, Regulatory & Compliance sub-committee, appointed a deeply experienced executive to a new Executive position directly responsible for financial crime compliance, and made a number of other organisational changes,” he stated.
“We will have no tolerance for controllable negative events. Our transformation program has begun and will bring deep cultural change.”
“We completely accept that some important aspects of Westpac’s financial crime risk culture were immature and reactive, and we failed to build sufficient capacity and experience in some important areas,” Mr King added.
“We have learned from this and are absolutely committed to making amends for this event.”
Westpac has revealed it would continue to engage with AUSTRAC on the legal proceedings, after submitting its civil penalty defence and admissions on 15 May 2020.
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- Coughing up $49.5m for dodgy consumer credit practices
Poor individual judgement has been cited as one of the reasons Westpac was alleged to have made 23 million breaches of Australia’s anti-money laundering laws.
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