NAB charges double on super

August 20, 2018roymorgansocial Leave a comment

Original article by Elizabeth Redman
The Australian – Page: 17 & 20 : 20-Aug-18

The banking royal commission has spent the last two weeks grilling the superannuation sector over its fees and practices. Companies under the commission’s microscope have included National Australia Bank, with Australian Securities & Investments Commission deputy chairman Peter Kels stating that it planned to submit a brief to the Director of Public Prosecutions in regard to NAB’s "fee for no service" scandal. Meanwhile, it has been revealed that NAB unit MLC charges members of at least 10 super funds up to double the fees that are imposed by the fund’s external managers.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MLC LIMITED, THE VANGUARD GROUP INCORPORATED, MACQUARIE GROUP LIMITED – ASX MQG, PERPETUAL LIMITED – ASX PPT, PACIFIC INVESTMENT MANAGEMENT COMPANY LLC

Investors expect more solid profits

August 20, 2018roymorgansocial Leave a comment

Original article by Patrick Commins
The Australian Financial Review – Page: 13 & 20 : 20-Aug-18

The S&P/ASX 200 has gained one per cent so far in August. Investor sentiment has been boosted by an earnings reporting season that has exceeded expectations, with more than 80 per cent of companies having posted higher profits than at the same time in 2017. Shane Oliver of AMP Capital also notes that the share prices about 60 per cent of companies have risen on the day their financial results were announced. BHP Billiton, Qantas and Woolworths are among about 70 major companies that are slated to release their latest results in the next week.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, AMP CAPITAL INVESTORS LIMITED, BHP BILLITON LIMITED – ASX BHP, QANTAS AIRWAYS LIMITED – ASX QAN, WOOLWORTHS GROUP LIMITED – ASX WOW, SOUTH32 LIMITED – ASX S32, COCA-COLA AMATIL LIMITED – ASX CCL, ATLAS FUNDS MANAGEMENT PTY LTD, QBE INSURANCE GROUP LIMITED – ASX QBE, WESFARMERS LIMITED – ASX WES, COLES SUPERMARKETS AUSTRALIA PTY LTD, JB HI-FI LIMITED – ASX JBH, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, TRIBECA INVESTMENT PARTNERS PTY LTD, DOMAIN HILL PROPERTY GROUP PTY LTD, REA GROUP LIMITED – ASX REA, REALESTATE.COM.AU, CELESTE FUNDS MANAGEMENT LIMITED, MORGAN STANLEY AUSTRALIA LIMITED, AMCOR LIMITED – ASX AMC, BORAL LIMITED – ASX BLD, NEWCREST MINING LIMITED – ASX NCM, RIO TINTO LIMITED – ASX RIO

Ticehurst supports lowering RBA inflation target

August 17, 2018roymorgansocial Leave a comment

Original article by Vesna Poljak
The Australian Financial Review – Page: 31 : 17-Aug-18

Several leading economists have urged the Reserve Bank of Australia to scale back its inflation target. Andrew Ticehurst of Nomura Australia argues that the RBA’s midpoint of the 2-3 per cent target range is higher than that of its counterparts in the US, New Zealand and the UK, while he notes that some Asian central banks have reduced their inflation target without any adverse impact. Ticehurst says the RBA should "fine-tune" the inflation target by reducing it to around two per cent.

CORPORATES
RESERVE BANK OF AUSTRALIA, NOMURA AUSTRALIA LIMITED, BETASHARES CAPITAL LIMITED, UNIVERSITY OF TECHNOLOGY, SYDNEY, BANK OF KOREA, BANK INDONESIA

NAB’s board met ASIC days before Hayne hit

August 17, 2018roymorgansocial Leave a comment

Original article by Pamela Williams
The Australian – Page: 17 & 20 : 17-Aug-18

Senior National Australia Bank executives held a meeting with Australian Securities & Investments Commission officials at the bank’s headquarters on 30 July. NAB executives subsequently fronted the banking royal commission in early August, after featuring prominently in its previous hearings. An NAB spokesman has indicated that the meeting with ASIC had been organised in late 2017 and such meetings are held regularly. Documents released by the inquiry on 15 August show that ASIC has accused NAB of a range of civil and criminal offences in relation to the "fee for no service" scandal.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AMP LIMITED – ASX AMP, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

NAB fee grab slammed by the watchdog

August 16, 2018roymorgansocial Leave a comment

Original article by Ben Butler
The Australian – Page: 17 & 22 : 16-Aug-18

Documents released by the banking royal commission show that the Australian Securities & Investments Commission has criticised National Australia Bank over its lack of action in addressing the fee-for-no-service scandal. ASIC wrote to NAB in May to express its dissatisfaction with the bank’s proposed remedial action, stating that it did not constitute an "acceptable resolution" to the regulator’s concerns. ASIC has accused NAB of a range of civil and criminal offences.

Decade high for ASX as earnings flood in

August 16, 2018roymorgansocial Leave a comment

Original article by David Rogers
The Australian – Page: 28 : 16-Aug-18

Australia’s benchmark S&P/ASX 200 has risen to its highest level in more than a decade on the strength of the August reporting season. Investors shrugged off a negative lead from Asian markets and a downturn in base metal and crude oil prices on 15 August, although weaker commodity prices weighed on the resources sector. Meanwhile, Wilson Asset Management chairman Geoff Wilson warns that while the Trump administration’s tax cuts have boosted the US economy, the trade war with China is likely to have an impact in the next 6-12 months.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, WILSON ASSET MANAGEMENT, CSL LIMITED – ASX CSL, WESFARMERS LIMITED – ASX WES, COMPUTERSHARE LIMITED – ASX CPU, DEXUS – ASX DXS, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COCHLEAR LIMITED – ASX COH, AGL ENERGY LIMITED – ASX AGL, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, BRAMBLES LIMITED – ASX BXB, AFTERPAY TOUCH GROUP LIMITED – ASX APT, PACT GROUP HOLDINGS LIMITED – ASX PGH, HANG SENG INDEX, SHANGHAI COMPOSITE INDEX, NIKKEI 225 INDEX, STANDARD AND POOR’S 500 INDEX, DOW JONES INDUSTRIAL AVERAGE INDEX, LONDON METAL EXCHANGE LIMITED, OZ MINERALS LIMITED – ASX OZL, SOUTH32 LIMITED – ASX S32, WOODSIDE PETROLEUM LIMITED – ASX WPL, RIO TINTO LIMITED – ASX RIO, WAM CAPITAL LIMITED – ASX WAM, MAGELLAN FINANCIAL GROUP LIMITED – ASX MFG, UNITED STATES. FEDERAL RESERVE BOARD, EUROPEAN CENTRAL BANK

NAB admits to breaking law once a week

August 15, 2018roymorgansocial Leave a comment

Original article by James Frost
The Australian Financial Review – Page: 10 : 15-Aug-18

A document released by the banking royal commission show that National Australia Bank breached the terms of its financial services licence a total of 297 times between 2014 and 2017. Some 110 of these breaches were deemed to be serious, yet the majority of them were not reported to the corporate regulator within 10 days. The document also shows that 84 per cent of the significant breaches that were not reported within the required time-frame occurred during the 2014-15 financial year.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD

CBA’s 15,000 crimes waved on by APRA

August 15, 2018roymorgansocial Leave a comment

Original article by Ben Butler, Michael Roddan
The Australian – Page: 18 & 23 : 15-Aug-18

The banking royal commission has been told that the Australian Prudential Regulation Authority did not pursue action against Colonial First State over its tardiness in transitioning customers to MySuper products. The Commonwealth Bank of Australia subsidiary had been required to shift clients to the low-fee accounts by the start of 2014. However, it did not do so for more than three years. CBA admitted to over 15,000 breaches of the Superannuation Industry Supervision Act, but rather than impose fines, APRA approved a plan to gradually transition CFS clients to MySuper accounts.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COLONIAL FIRST STATE GROUP LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSSIE HOME LOANS LIMITED, COUNT FINANCIAL LIMITED, FINANCIAL WISDOM LIMITED

NAB hid compo from ASIC

August 14, 2018roymorgansocial Leave a comment

Original article by Ben Butler, Michael Roddan
The Australian – Page: 17 & 21 : 14-Aug-18

National Australia Bank’s Andrew Hagger has denied allegations that it withheld information on compensation payments from the Australian Securities & Investments Commission. He told the banking royal commission that he had been "open and transparent" with ASIC commissioner Greg Tanzer in a telephone conversation on 24 October 2016, several hours after NAB’s wealth unit passed a resolution to increase compensation over its plan service fee. NAB released its financial results three days later, the same day on which ASIC released a report on the fees-for-no-service scandal.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, NATIONAL WEALTH MANAGEMENT SERVICES LIMITED, NULIS NOMINEES AUSTRALIA LIMITED

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K: Financial and Insurance Services