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Customer-owned banks urged to continue to improve reporting practices

By API User

7 May 2024 A rise in reported breaches of the industry Code of Practice indicates better reporting from customer-owned banking institutions but also a sign of the need for improvements in reporting and remediation. The Annual Data Report from the Customer Owned Banking Code Compliance Committee (COBCCC), which covers the 2022-23 reporting period and was … Continued

Why learning the financial skills to power your small business idea might be easier than you think

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Australian finance educator Dr Kristle Romero Cortés is urging the people behind Australia’s small-to-medium enterprises (SMEs) to take their financial literacy into their own hands and balance profit with purpose.  Speaking exclusively to The Business Of, a podcast from the University of New South Wales Business School, Dr Cortés says it’s key for aspiring small … Continued

NEW REPORT: GREEN (BUILDINGS) WASH – ONLY 7% OF BIG 4 BANKS’ “SUSTAINABLE FINANCE” GOES TO RENEWABLES & DECARBONISING INDUSTRY

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New analysis released today by independent think tank Climate Energy Finance reveals only 7%* of the Big 4 banks’ collective $385bn sustainable finance target (SFT) by 2030 is directed to financing renewable energy and hard to abate industries, with the vast majority of their climate-related capital  – between 44% and 72% – channelled into the … Continued

MyState Bank Foundation launches community grants

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MyState Bank Foundation launches community grants MyState Bank Foundation, together with women’s employment advocate, Dress for Success has launched the MyState Foundation Community Grants for 2024.  Applications for the 2024 MyState Foundation Grants are now open to Tasmanian charitable organisations to help to build a brighter future for young Tasmanians. There are grants ranging from $1000 … Continued

INFLUENTIAL BUSINESS LEADERS EXAMINE FINANCE SECTOR’S ROLE IN ACCELERATING AUSTRALIA’S ENERGY TRANSITION

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The Financial Services Institute of Australasia (FINSIA) is delighted to announce the launch of ‘Ideas for Impact’, examining the financial services sector’s instrumental role in accelerating Australia’s transition toward more sustainable and renewable sources.  The event will be held in Melbourne on Wednesday 24 April 2024 featuring prominent business leaders in conversation about Australia’s energy … Continued

Cash withdrawals are rising reports RBA

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The Reserve Bank of Australia today reported payments data to February 2024 showing that ATM cash withdrawals continue to rise (seasonally adjusted). There were 30,859,700 ATM cash withdrawals made in Australia during February, up by 166,400 withdrawals from January 2024 (0.5%) and up by 1,090,200 withdrawals when compared with February 2023 (3.6%), according to the RBA. Australians withdrew more … Continued

EMBARGOED: AFCA worried by rising complaints over handling of hardship

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PLEASE NOTE: EMBARGOED UNTIL 00:05 AEDT Wednesday 3 April  The Australian Financial Complaints Authority (AFCA) is concerned by a rise in complaints involving financial difficulty, especially lenders’ handling of customer requests for hardship assistance. Complaints involving financial difficulty, a category that includes disputes over hardship assistance, rose 25 per cent in 2023, the financial sector … Continued

Compensation Scheme of Last Resort open for business

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The long-awaited Compensation Scheme of Last Resort (CSLR) – proposed by the 2017 Ramsay Review and backed by the Banking Royal Commission – commences operations today, tasked with delivering redress to people who have suffered financial services misconduct.   The CSLR will provide up to $150,000 in compensation to eligible consumers who have experienced misconduct … Continued

Remittance firm LemFi eyes global expansion with Visa Cross-Border Solutions deal

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    Visa Cross-Border Solutions and LemFi, the UK-headquartered international payments company, have signed a global expansion deal The deal will enable LemFi to extend its reach into several new markets around the world   Visa Cross-Border Solutions, a Visa (NYSE: V) division specialising in cross-border money movement, and LemFi, a leading international payments company, … Continued