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Australian Regulators Warn Brokers To Be Suspicious Of Portfolio Manager Window Dressing
The Australian Stock Exchange, which with ASIC acts as a corporate regulator says it intends to monitor portfolio and mutual fund managers closely, as it seeks to stamp out the practice of window dressing.
Window dressing typically occurs at the end of the financial year and is a deliberate strategy managers engage in of price manipulation which dresses up the performance of the portfolio or fund before presenting the performance to clients or unit holders.
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Australian Banks To Cease Discounting Mortgages
Australia’s Big Four banks could end the practice of discounting offered mortgage rates to their customers, as they seek to lessen the impact of higher wholesale funding costs.
The banks are hoping that ending the practice of discounting will enable them to avoid having to raise interest rates, and pass costs of to customers during an election year.
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NAB Says Customers To Benefit From Government Ban On Unfair Mortgage Exit Fees
Lenders offering the most competitive interest rates, and mortgage borrowers will be amongst those who benefit the most from the proposed Australian federal government ban on unfair mortgage exit fees, according to Australian banking major NAB.
NAB says it welcomes the proposal by the Federal government which will implement tough new laws to counteract against unfair mortgage exit fees.
The lender says that the proposals would benefit bank customers, as well as those lenders who offered their borrowers the best value and competitive interest rates.
For over a year now NAB has offered the most competitive standard variable mortgage rate of all the major lenders.
For an average $300,000 mortgage, borrowers are currently $68 a month better off with NAB then they are with most of the other major banks.
The proposal by government is good for competition and will allow those customers looking to obtain a better deal on their mortgage the ability to obtain better rates.
NAB Group CEO Cameron Clyne said:
”While we are yet to review the full detail of the new laws we are generally supportive of measures that encourage even greater competition in Australia’s home loan mortgage market. If these new laws banning unfair mortgage exit fees encourage greater competition and give Australians more power to walk down the road and find a better deal for their mortgage then that’s a great thing for all Australians. It will be good for competition, good for bank customers and good for those lenders, like NAB, who have been willing to offer the most competitive interest rates. ”
As well as offering perhaps the most competitive interest rates in Australia, NAB was also the first lender to abolish a number of other fees, as well as double the number of ATM’s its customers could access without facing charges.
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US Supreme Court Rules In NAB’s Favour
The apex court in America, The Supreme Court of the United States has ruled in favour of Australian banking Major, National Australia Bank, and said the foreign investors could not continue with their lawsuit in that country, which seeks to obtain damages from NAB over the Homeside case.
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Macquarie Issues Stark Warning
Australian investment banking major, Macquarie Group issued a warning to investors on Thursday, that volatility in financial markets were adversely impacting parts of its business, which sent Macquarie shares into a tail spin.
During a 32 page slide presentation given at a conference organized by rival UBS, the investment bank said that conditions in the markets were increasingly uncertain, and this has made the ability to make accurate short term forecasts increasingly difficult.
“These conditions are adversely impacting some business activity levels,” Australia’s biggest investment bank said.
Macquarie also said it was “too early to evaluate (the) implications” for 2010-11.
Shares of the investment bank took a tumble as soon as stock market opened, falling by as much as 4.8 per cent on opening, but later recovered to a 3 per cent fall after the first fifteen minutes of trading.
The warning by the investment bank followed on the heels of the US Federal Reserve downgrading the outlook for the world’s largest economy, amid fears of the impact of the European sovereign default crisis.
“Financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad,” the FOMC said in its carefully worded statement.
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Suncorp Seeks To Double Life Insurance Business In Three Years
Banc-assurance group Suncorp-Metway is seeking to more than double the size of its current life insurance business over the next three years, as it expands its presence in direct sale and financial planning markets.
Geoff Summerhayes, chief executive of Suncorp Life says the insurer has managed to expand its presence in the independent financial advisory market, mainly through its Asteron brand.
Whilst building the brand, the Brisbane based insurer also began building a direct distribution platform and selling general insurance under the Suncorp, APIA and GIO brands.
“Our strategy is clear, we are on track and have made excellent progress.” Mr. Summerhayes said in a speech on Wednesday.
Suncorp has embarked on a strategy of revitalising the company by positioning itself as a multi brand financial services provider that offers banking, wealth management, life and general insurance, and has specifically targeted growth in the life insurance segment.
Mr Summerhayes said the division aimed to grow in-force premium by double digits on average over the next three years while aiming also to reduce costs.
Suncorp is also seeking to improve its claims experience by largely making improvements to the process.
Mr Summerhayes said the life insurance market had exceptional potential with double digit industry growth from the current $8.1 billion of in-force premiums.
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ANZ Internet Banking Experiences Glitch
Customers of Australian banking major’s internet banking platform, found that had limited access to the lenders automated teller machines on Tuesday, as a result of an issue with the banks communication network.
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NAB CFO Says Golden Age Of Australian Mortgage Lending Over
A senior figure with Australian banking major, National Australia Bank (NAB) says he believes that the golden age in Australian mortgage lending, which has propelled the country’s two largest lenders into earning super profits is destined to come to an end.
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CBA Says May Retail Sales Flat
Australian banking major Commonwealth Bank of Australia (CBA) says that retail sales in Australia have slowed to an annual growth rate of 3.4 per cent, and were largely flat during the month of May.
CBA’s business sales indicator index, which calculates the value of debit and credit card transactions through the lenders point of sale terminals remained unchanged during the month of May.
CBA’s local business banking boss, Symon Brewis-Weston, said the May results showed it was probably fear, rather than fundamentals, that was preventing consumers from spending.
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New Zealand Competition Regulator Clears AMP Acquisition Of AXA Asia Pacific Holdings
AMP the Australian wealth manager which is seeking to acquire AXA Asia Pacific Holdings (APH) received a boost to its bid, after New Zealand’s competition regulator bestowed its blessing upon the proposed deal.
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