Yesterday
Most directors prefer to be on private boards, and that is a big worry
Sobering new survey findings should worry policymakers, regulators and anyone with an interest in the health and resilience of the country’s listed markets.
Clayton Larcombe’s fast and furious world is unravelling quickly
The fund manager turned venture capitalist had a lavish life until he was charged with domestic violence offences. Now liquidators are coming for his firm.
This Month
PAC Capital’s Clayton Larcombe charged with assaulting wife
The fund manager turned artificial intelligence investor, whose firm, PAC Capital, is in liquidation, has been charged with assaulting his wife.
This company’s board is one of the most dysfunctional on the ASX
Humm was found wanting by the nation’s takeover dispute panel, but the saga is far from over after founder Andrew Abercrombie asked for a review.
Does Barrenjoey plan to kill off the Magellan Financial brand?
The investment bank’s top brass are considering several options as what appears to be a reverse takeover of the funds management giant draws closer.
AUSTRAC calls in 10 banks for key meeting on spike in mortgage fraud
The agency requested data from the lenders as it works to assess the extent of the fraud and whether properties funded by criminal proceeds should be seized.
Takeovers Panel finds ex-Humm chairman Abercrombie misled investors
In a damning verdict, the mergers and acquisitions watchdog said the businessman had already rejected a $385 million bid, but told shareholders otherwise.
APRA proposes massive lending shake-up to jump-start productivity
While the prudential regulator will make it less costly to lend to some types of borrowers, it is also tightening liquidity rules and warning of global risks.
CBA, Westpac chiefs warn society must be brought along for the AI ride
Matt Comyn and Anthony Miller know their institutions stand to benefit hugely from effective AI deployment, but are worried about the sector’s “PR problem”.
Escalating $1b loan fraud scandal threatens to engulf top banks
AUSTRAC is investigating a widening mortgage loan fraud scandal, after a syndicate duped Commonwealth Bank into writing $1 billion in loans off fake payslips.
CBA refers brokers, accountants to police over massive loan fraud
People briefed on the widening inquiries said the country’s largest lender became particularly concerned about anomalies detected among clients of two firms.
Barrenjoey boomerangs back to Magellan in the hope of Macquarie 2.0
The homegrown investment advisory shop’s debut was the worst-kept secret in the market. Its merger with its funds management backer was kept well under wraps.
ATO tax return data could help to alleviate mortgage fraud risk
As the country’s big four banks scramble to get ahead of the problem, there are solutions that can be implemented to greatly lower the risk of home loan fraud.
February
Big four banks find themselves embroiled in loan fraud probe
Westpac and ANZ have reported suspected illegitimate borrowing, joining NAB and Commonwealth Bank on concerns the washing of illicit funds is systemic.
Mortgage fraud issues put the blowtorch on CBA
The bank’s application processes and the way documents are verified leave it vulnerable. The sector must lift its game to protect the integrity of the market.
CBA probes $1b in suspected fraudulent home loans, calls in police
The country’s largest bank is working to assess how many loans have been secured based on doctored applications, including documents created using AI.
A Wollongong every year: Silver tsunami forces superannuation rethink
More Australians than the population of Wollongong are retiring every year but the $4.5 trillion system does not give them the advice needed to spend their savings confidently.
Red alert: The ASX’s systems leave it vulnerable to further outages
A new IBM report made for sobering reading for the exchange and its regulators. It showed the settlement of trades could fall over again at any time.
CBA’s home loan introducer program embroiled in compliance failings
The controversial program allows accountants, solicitors, lawyers, conveyancers, real estate agents and financial planners to refer their clients to the bank.
Macquarie’s $11.7b Qube deal deepens Australia’s public market drain
The ASX is set to lose another major infrastructure stock after Qube’s board signed off on the sale to a Macquarie-led bidding group.
