Category: Banking

Independent Reserve today welcomed the Federal Government’s recommendation to make crypto exchanges and digital asset platforms subject to existing Australian financial services laws and require platform operators to obtain an Australian Financial Services Licence, but warned that the recommendation must be followed by swift action. Independent Reserve CEO, Adrian Przelozny, said: “We commend the Federal … Continued

Gen X is emerging as a major money powerhouse, with an estimated wealth of $7 trillion. This affords this cohort – currently aged between 45-54 – great economic sway, with their spending habits and investment choices rippling through industries, markets and small business. How they distribute this wealth will affect their children and the future … Continued

In its Annual Report published today, the Banking Code Compliance Committee (BCCC) has highlighted its role in shaping improvements in the banking industry in the past 12 months. The report showcases the outcomes of the key inquiry into the management of deceased estates and the work on the follow-up inquiry into guarantees, emphasising the important … Continued

In its Annual Report, the Customer Owned Banking Code Compliance Committee (COBCCC) has highlighted the activities it has undertaken during the year to enhance accountability within the customer owned banking sector, leading to better customer outcomes. The report noted that new challenges have prompted customer owned banking institutions to increase focus on vulnerable customers and … Continued

Big banks, including Macquarie, Westpac, NAB, CBA and ANZ, as well as Woolworths and Coles continue to limit access to cash, leaving vulnerable Australians stranded. Meanwhile Australians are not using less cash but being forced to work harder to access cash. Macquarie Bank has announced the phasing out of all cash services in branches. Woolworths has announced harsh new limitations on cash-out services. The number of ATMs in Australia has dropped below … Continued