NZ – Who will really feel the pinch from changes to the banking system?

The Royal Commission into financial services concluded in Australia last month, exposing a catalogue of misconduct by big banks and superannuation companies.  The final report, which may lead to criminal or civil prosecution for the banks, also recommends widespread changes to the industry.  The feeling in Australia is that the changes will just mean more […]

Banking Royal Commission disappoints for SME’s

Banking Royal Commission disappoints for SMEsAs we all know by now, Commissioner Hayne’s final report was made public on 4 February, with the Government pledging to take action on all 76 of the recommendations made.  Federal Treasurer Josh Frydenberg stated; “From today, the banking sector must change and change forever.” While the Commission has been welcomed […]

The Banking Royal Commission: what does a chastened banking system mean for access to finance?

Pink piggy bank in blank white space with coins scattered around.

Commissioner Kenneth Hayne, stated in his interim report released last week that the key questions the Commission has to answer are; why such poor conduct has occurred and, how can it be stopped from happening again. He clearly attributes blame for misconduct in the financial services industry to greed – with products and services multiplying as selling became the […]