Original article by Angus Grigg, James Eyers, Edmund Tadros
The Australian Financial Review – Page: 1 & 8 : 17-Sep-18
Australia’s major banks face years of litigation and costly settlements as a result of the banking royal commission. Law firm Maurice Blackburn has already flagged plans for legal action over a number of issues, including the calculation of household expenses prior to loans being approved. Omkar Joshi of Regal Funds Management says he is reminded of the UK’s payment-protection insurance scandal, which ended up costing UK banks Stg40 billion. Hugh Giddy of Investors Mutual says it is hard to deny that banks have made loans to some people who were not in a position to borrow money.
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, MAURICE BLACKBURN PTY LTD, REGAL FUNDS MANAGEMENT PTY LTD, INVESTORS MUTUAL LIMITED, AMP LIMITED – ASX AMP, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, LLOYDS BANK PLC, OLIVER WYMAN GROUP, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, SLATER AND GORDON LIMITED – ASX SGH, CORELOGIC AUSTRALIA PTY LTD