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Australians have little trust in organisations keeping their information secure, but the financial services industry still sits atop the list.
" ["fulltext"]=> string(2044) "A new report by digital security software and services company Imperva, which surveyed 1,004 Australians, found that 43 per cent of people trust those in financial services with their most valuable and sensitive data.
Financial services beat out other industries that included healthcare and government (37 per cent) and messaging services, social media, streaming services online gaming and retail which all attracted a score of less than 10 per cent.
Around 48 per cent of those surveyed that favoured financial services were over 45 years of age, while 38 per cent came from the 18 to 44 age bracket.
However, 37 per cent said they would never share their personal information, such as wage, savings and bank account details, on a digital service or app.
Meanwhile, 39 per cent said their trust in digital service providers to secure their data has decreased in the past five years and 51 per cent would stop using a company’s services altogether if they suffered a serious data breach.
“Organisations face a complete breakdown of trust unless they begin rebuilding now,” Imperva’s area vice president for Australia and New Zealand, Tony Mascarenhas, said.
“While organisations rush to introduce more digital innovations, it is vital they don’t overlook the potential security risks these new technologies create. Data breaches can have a real and lasting impact - from downtime and fines to loss of revenue and damaged brand reputation.
“Prevention is always going to be better than the cure, which is why data-centric security must be part of every organisation’s strategy in 2022.”
The findings come after ASIC alerted consumers about a rise in investment scams impersonating companies or financial investment firms in March.
The corporate regulator warned that scammers often make contact through Gmail and Outlook email accounts and that their contact details do not match the information published on the legitimate company’s website.
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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2022-04-28 06:37:23" ["slug"]=> string(77) "18255:australians-trust-in-digital-providers-has-decreased-in-last-five-years" ["event"]=> object(stdClass)#8480 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "- Yes
Australians have little trust in organisations keeping their information secure, but the financial services industry still sits atop the list.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(93) "/borrow-money/banking/australians-trust-in-digital-providers-has-decreased-in-last-five-years" ["image"]=> string(50) "images/article-826x550/financial-technology-ne.jpg" ["image_alt"]=> string(17) "digital providers" } [1]=> object(stdClass)#7965 (57) { ["id"]=> int(18244) ["title"]=> string(46) "Commonwealth Bank chairman to retire in August" ["alias"]=> string(46) "commonwealth-bank-chairman-to-retire-in-august" ["introtext"]=> string(69) "The Commonwealth Bank (CBA) board has announced a successor.
" ["fulltext"]=> string(2479) "On Wednesday, 27 April, the big four bank announced that Catherine Livingstone AO has decided to retire from the board effective August 2022.
The board has confirmed non-executive director Paul O’Malley as Ms Livingstone’s successor who will take on the position from 10 August 2022.
Ms Livingstone joined the CBA board on 1 March 2016 before becoming chair on 1 January 2017.
“I have been honoured to serve as CBA’s chair through a time when the bank has addressed a number of complex challenges and in doing so, rebuilt is reputation as an organisation that seeks to deliver positive outcomes for its customers, people and shareholders,” Ms Livingstone said.
“During the coronavirus pandemic, CBA has demonstrated unequivocally that a strong, stable, well-capitalised banking sector is vital to Australia’s economic and social wellbeing.
“It is a tribute to the efforts of CBA’s 48,000 people that they have been committed to transforming the organisation into a simpler and better bank clearly focused on its customers.
“The group has made significant progress on this strategy which focused on CBA’s core banking businesses. This has enabled the bank to build on that foundation and evolve its growth strategy to one of building tomorrow’s bank today – both for its customers and for the leadership role expected of it in supporting the transition of the Australian economy.
“It is therefore an appropriate time to hand over to the next Chair to lead this ambitious agenda and guide the bank through its next phase,” Ms Livingstone said.
Mr O’Malley, who is also currently the chair of the CBA Board Renumeration Committee has been a board member since January 2019.
Prior to this, he worked as managing director and chief executive officer at BlueScope Steel from 2007 to 2017.
“It is a privilege to be appointed chair of the Commonwealth Bank,” Mr O’Malley said.
“With the support of the board, CEO and management team, I am absolutely committed to helping CBA build on the strong progress achieved over recent years under Catherine’s leadership and continuing to deliver rewarding outcomes for all our stakeholders.”
He continued: “I am looking forward to helping lead this vibrant and important organisation through its next strategic growth phase and delivering outcomes for shareholders, customers and communities."
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(68) "/borrow-money/banking/commonwealth-bank-chairman-to-retire-in-august" ["image"]=> string(19) "images/Commbank.jpg" ["image_alt"]=> string(46) "Commonwealth Bank chairman to retire in August" } [2]=> object(stdClass)#7964 (57) { ["id"]=> int(18240) ["title"]=> string(33) "Westpac responds to $113m penalty" ["alias"]=> string(32) "westpac-responds-to-113m-penalty" ["introtext"]=> string(79) "The big four bank has responded to the penalty handed down last week.
" ["fulltext"]=> string(2015) "On Friday, 22 April, Westpac was ordered to pay penalties in the amount of $113 million for widespread compliance failures across multiple businesses, including its banking, superannuation, wealth management and insurance brands.
Justice Beach handed down the decision in the last of six separate civil penalty proceedings filed by ASIC against Westpac in November 2021, penalising Westpac $40 million for charging fees totalling over $10.9 million to more than 11,800 deceased customers.
Westpac responded to the penalty in a statement given to ifa on Tuesday, 26 April, saying all of the issues have been previously disclosed.
“Westpac acknowledges that the Federal Court has now heard all six civil penalty proceedings which were commenced by ASIC in November 2021 and ordered penalties in the amounts agreed with ASIC and previously disclosed.
“Westpac and ASIC jointly submitted agreed proposed penalties for each of the proceedings, totalling $113 million. These penalties have been substantially provisioned (together with anticipated legal costs) in Westpac’s Full Year 2021 results.
“Westpac again apologises to all affected customers. Remediation is now complete or substantially progressed.”
Following the decision last week, ASIC Deputy Chair Sarah Court said that over the course of 13 years, more than 70,000 customers have been affected by the bank's failures, either by being incorrectly charged or given the wrong information.
"The breaches found by the court in these six cases demonstrate a profound failure by Westpac over many years and across many areas of its business to implement appropriate systems and processes to ensure its customers were treated fairly," said Ms Court.
"Westpac, like all licensees, has an obligation to be honest and fair in its provision of financial services. Despite this, Westpac failed to prioritise and fund the systems upgrades necessary to help fulfil this obligation."
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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2022-04-26 01:36:15" ["slug"]=> string(38) "18240:westpac-responds-to-113m-penalty" ["event"]=> object(stdClass)#8502 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "- Yes
The big four bank has responded to the penalty handed down last week.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(54) "/borrow-money/banking/westpac-responds-to-113m-penalty" ["image"]=> string(31) "images/westpac-house-prices.jpg" ["image_alt"]=> string(33) "Westpac responds to $113m penalty" } [3]=> object(stdClass)#7963 (57) { ["id"]=> int(18233) ["title"]=> string(69) "Westpac ordered to pay $113m for ‘widespread compliance failures’" ["alias"]=> string(62) "westpac-ordered-to-pay-113m-for-widespread-compliance-failures" ["introtext"]=> string(230) "Westpac has been ordered to pay penalties in the amount of $113 million for widespread compliance failures across multiple businesses, including Westpac’s banking, superannuation, wealth management and insurance brands.
" ["fulltext"]=> string(4772) "Justice Beach handed down his decision on Friday in the last of six separate civil penalty proceedings filed by ASIC against Westpac in November 2021, penalising Westpac $40 million for charging fees totalling over $10.9 million to more than 11,800 deceased customers.
ASIC Deputy Chair Sarah Court said that over the course of 13 years, more than 70,000 customers have been affected by the bank's failures, either by being incorrectly charged or given the wrong information.
"The breaches found by the court in these six cases demonstrate a profound failure by Westpac over many years and across many areas of its business to implement appropriate systems and processes to ensure its customers were treated fairly," said Ms Court.
"Westpac, like all licensees, has an obligation to be honest and fair in its provision of financial services. Despite this, Westpac failed to prioritise and fund the systems upgrades necessary to help fulfil this obligation."
"The sheer scale of this impact suggests that, at the time, Westpac had a culture that did not prioritise compliance," Ms Court continued.
Across all six matters, Justice Beach noted that systems and compliance failures were a common feature and the misconduct by Westpac was considered serious. Regarding the charging of deceased customers, Justice Beach commented that Westpac and the related entities ‘utterly failed to address the issues systematically’.
The six matters against Westpac concern:
Fees for no service – deceased customers
Over a 10-year period, Westpac and related entities within the Westpac group, charged over $10.9 million in advice fees to over 11,800 deceased customers for financial advice services that were not provided due to their death.
Penalty handed down by the Court: $40 million
General insurance
Westpac distributed duplicate insurance policies to over 7,000 customers for the same property at the same time, including 3,899 customers since 30 November 2015, causing customers to pay for two (or more) insurance policies where they had no need for the additional policies. Westpac also issued insurance policies to 329 customers who had not consented to entering into an insurance policy.
Penalty handed down by the Court: $15 million
Inadequate fee disclosure
Westpac, Securitor and Magnitude (advice businesses) charged ongoing contribution fees for financial advice to retail customers without disclosing, or properly disclosing those fees. It is estimated that in over eight years, not less than 25,000 customer accounts were charged at least $10.6 million in fees that were not disclosed, or properly disclosed.
Penalty handed down by the Court: $6 million
Deregistered company accounts
Westpac allowed approximately 21,000 deregistered company accounts, holding approximately $120 million in funds, to remain open and continued to charge fees on those accounts. Westpac allowed funds to be withdrawn from these accounts that should have been remitted to ASIC or the Commonwealth. Justice Beach found that Westpac knew its systems were inadequate, did not fix those systems in a timely fashion and benefitted from its own conduct.
Penalty handed down by the Court: $20 million
Debt onsale
Westpac sold consumer credit card and flexi-loan debt to debt purchasers with incorrect interest rates. These interest rates were higher than Westpac was contractually allowed to charge on at least part of the debts, resulting in more than 16,000 customers, who were likely to be in financial distress, being overcharged interest.
Penalty handed down by the Court: $12 million
Insurance in super
Westpac subsidiary, BT Funds Management charged members insurance premiums that included commission payments, despite commissions having been banned under the Future of Financial Advice reforms.
Some members also paid commissions to financial advisers via their premiums even though they had elected to have the financial adviser component removed from their account. Over 9,900 BT Funds members were affected.
Penalty handed down by the Court: $20 million
Customers to receive $80 million
Westpac admitted to the allegations in each of the proceedings and will remediate more than $80 million to customers.
More to come.
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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2022-04-22 04:53:47" ["slug"]=> string(68) "18233:westpac-ordered-to-pay-113m-for-widespread-compliance-failures" ["event"]=> object(stdClass)#8513 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "- Yes
Westpac has been ordered to pay penalties in the amount of $113 million for widespread compliance failures across multiple businesses, including Westpac’s banking, superannuation, wealth management and insurance brands.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(84) "/borrow-money/banking/westpac-ordered-to-pay-113m-for-widespread-compliance-failures" ["image"]=> string(54) "images/article-826x550/Westpac-westfield-branch-ne.jpg" ["image_alt"]=> string(69) "Westpac ordered to pay $113m for ‘widespread compliance failures’" } [4]=> object(stdClass)#7962 (57) { ["id"]=> int(18209) ["title"]=> string(39) "Big bank-backed start-up raises $12.75m" ["alias"]=> string(38) "big-bank-backed-start-up-raises-12-75m" ["introtext"]=> string(325) "A landmark fundraise by Australia’s biggest banks has secured a war chest of $12.75 million to the sector’s blockchain consortium, Lygon, to bolster its research and development into helping banks dump their legacy paper trails and reinforce their ability to create and manage digital contracts and transactions.
" ["fulltext"]=> string(2535) "Eager to abandon the 200-year-old paper-based ‘bank guarantee’ process and move to a more efficient and robust digital system, the creation of Lygon comes as banks have yielded to the increasing popularity of emerging blockchain systems widely used to store and trade cryptocurrency tokens on highly secure networks.
And following its creation last year by ANZ, Westpac, Commonwealth Bank, Scentre Group and IBM, the consortium has announced that it has raised $12.75 million in a Series A oversubscribed funding round – a significant increase from its initial pre-Series A fundraise from August last year which raked in $5 million.
The funding round led by ANZ Bank, Commonwealth Bank and Aura Ventures, marks an important step in Lygon’s ambitious development of its digital bank guarantee system, in which it uses a computer process of validating transaction information by creating a new “block” and recording that information on the blockchain – a process which is called “minting”.
Lygon’s new bank guarantee process on the blockchain has been designed to take mere seconds, as opposed to potentially weeks to secure leases, projects or property – a major development for banks eager to slash costly and sluggish paper trails and instead focus on delivering quick services to likely impatient clients.
Lygon chief executive officer, Justin Amos said the capital will be used to fund the scale-up in resources required to invite new customers, continue the support of Lygon’s overseas subsidiaries and fund the research and development for delivering other forms of digital financial contracts.
“We are extremely pleased to have completed our Series A funding round, successfully exceeding our equity target of $10 million, which reflects the strong demand for our services both domestically and overseas,” Mr Amos said.
He acknowledged Bishop and Fang Capital Advisory for assisting Lygon through the fund-raising process, and Lygon’s legal team, Piper Alderman, for its ongoing support.
Mr Amos said that staff were again prioritised in this funding round, and that the $12.75 million in capital would go towards ramping up resources, overseas expansion and research and development.
“We are delighted with the breadth and depth of our investor base, and I would like to thank all our shareholders – particularly those that have either reinvested or indicated a desire to invest in future funding rounds,” Mr Amos said.
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A landmark fundraise by Australia’s biggest banks has secured a war chest of $12.75 million to the sector’s blockchain consortium, Lygon, to bolster its research and development into helping banks dump their legacy paper trails and reinforce their ability to create and manage digital contracts and transactions.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(60) "/borrow-money/banking/big-bank-backed-start-up-raises-12-75m" ["image"]=> string(51) "images/article-826x550/blockchain-technology-ne.jpg" ["image_alt"]=> string(10) "blockchain" } [5]=> object(stdClass)#7961 (57) { ["id"]=> int(18194) ["title"]=> string(48) "Mutual bank and credit union proceed with merger" ["alias"]=> string(48) "mutual-bank-and-credit-union-proceed-with-merger" ["introtext"]=> string(113) "The merger is set to create an organisation with 720,000 members and total assets of over $22.5 billion.
" ["fulltext"]=> string(2293) "Heritage Bank and People’s Choice Credit Union have confirmed their intention to proceed with merger plans after completing an extensive due diligence process.
The proposed merger, which was originally announced last year, would create one of the largest customer-owned banking organisations in the country with 720,000 members and total assets worth more than $22.5 billion.
In a statement on Wednesday, the two firms said that the proposed merger provided a “unique and compelling opportunity” to improve member benefits including enhanced products, services, digital capabilities and competitive pricing.
“We are confident a merger is firmly in our members’ best interests. Joining forces represents a unique pairing of equals, offering unparalleled cultural and strategic alignment and an absolute commitment to mutuality,” said Heritage CEO Peter Lock.
“By coming together, we will create a national member-owned banking organisation that will be of a size and scale to enable us to deliver outstanding products and services for our members,” added People’s Choice CEO Steve Laidlaw.
The proposed merger is still subject to regulatory and member approval, with detailed information to be provided to members ahead of a vote at the annual general meeting of both organisations later this year.
If members vote in favour of the proposal, Heritage and People’s Choice expect the merged organisation would be established early next year.
As part of the merger, there will be no redundancies below executive level as well as no branch closures, the two firms said.
Heritage and People’s Choice have also agreed to the governance structure of the combined entity, which will include Mr Lock as CEO and Mr Laidlaw as deputy CEO.
Mr Lock will retire 18 months after the merged organisation has been established, with Mr Laidlaw then moving into the CEO role.
Additionally, existing People’s Choice chairman Michael Cameron will be appointed chairman of the merged organisation and current Heritage chairman Kerry Betros will take up the role of deputy chairman.
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The merger is set to create an organisation with 720,000 members and total assets of over $22.5 billion.
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["data":protected]=> object(stdClass)#8197 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(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"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(70) "/borrow-money/banking/mutual-bank-and-credit-union-proceed-with-merger" ["image"]=> string(42) "images/article-826x550/road-merging-ne.jpg" ["image_alt"]=> string(48) "Mutual bank and credit union proceed with merger" } }Subscribe to our newletters
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