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Banking royal commission recommendations flounder, two years on Posted WedWednesday 3 updated ThuThursday 4 FebFebruary 2021 at 1:44am The Government has, on some counts, only implemented just over a third of Kenneth Hayne s recommendations so far. ( Print text only Key points: Of its 76 recommendations, only about one-third have come into law Some key protections have been downgraded or abandoned Two years ago, the final report of the banking royal commission exposed a culture of rapacious greed, of profits and shareholders being put before customers and the law. But there has been slow progress to fix the scandals exposed. The aftermath of the 2018 probe killed the careers of the chief executives and chairs of several of Australia s top banks: AMP, NAB and Westpac. Court battles against IOOF, NAB, the Commonwealth Bank, Allianz and more have been won, lost or are ongoing. ....
Xinja dumped auditor, struggled to deliver services prior to fall We’re sorry, this service is currently unavailable. Please try again later. Dismiss Xinja dumped auditor, struggled to deliver services prior to fall Normal text size Advertisement Fallen neobank Xinja switched auditors and had trouble delivering services to customers during its final year of operation, as it struggled to secure the cash needed to stay afloat. Corporate documents, obtained by The Age and The Sydney Morning Herald, show Sydney-based firm Grant Thornton ceased to be Xinja’s auditor in April, with its last financial statement warning the neobank temporarily breached its minimum capital requirements. ....