#Big Four
Several banks face action from ASIC over add-on insurances that have “failed customers”
The financial regulator is threatening action against lenders including the major banks over the sale of add-on loan and credit card insurance (CCI) that “has consistently failed consumers”. An Australian Securities and Investments Commission (ASIC) report released today found that consumer credit insurance represented extremely poor value for money and was regularly mis-sold. ASIC’s report […]
ASIC report provides small business lenders with guidance on unfair contract terms laws
The Australian Securities and Investments Commission (ASIC) has released a report detailing changes made by the big four banks to remove unfair terms from their small business loan contracts of up to $1 million. The report, Unfair contract terms and small business loans, also provides detailed guidance to bank and non-bank small business lenders about compliance with […]
Banks urged to collaborate with start-ups
The man in charge of the government’s financial system inquiry, David Murray, has warned that accommodating technological advancements that lift productivity and drive competition will prove a key future challenge. New innovation, particularly in the payments system, is disrupting the banking sector with emerging payment providers like PayPal and Google now competing with traditional institutions. […]
The Big Four not rated by small business
A bi-monthly index has indicated that the small business sector is dissatisfied with the level of service provided by the ‘Big 4’ banks.