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Equititrust Limited Latest Judgement – Litigation Funding – Creditors collect zero!

Pleash, in the matter of Equititrust Limited (in Liquidation) (Receiver Appointed) [2019] FCA 1063.  https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2019/2019fca1063 The judge’s decision relates to an application by Blair Pleash and Richard Albarran as liquidators of Equititrust Limited to enter into a confidential settlement with Equititrust’s auditor, KPMG after eight years of legal proceedings. “The impression this leaves is inescapably … Continue reading Equititrust Limited Latest Judgement – Litigation Funding – Creditors collect zero!

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Final royal commission report released

The final report contains 76 recommendations. The following are some of the key recommendations made by Justice Hayne. Several recommendations deal with conflicts of interest or conflicts between duty and interest and that the law should be amended to provide that, when acting in connection with home lending, mortgage brokers must act in the best … Continue reading Final royal commission report released

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Royal commission releases interim report

  • Posted in: Finance
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  • 2018 September 28

The interim report from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has been released, including a plethora of policy-related issues impacting the finance industry. The report covers the “policy related issues” arising from the first four rounds of public hearings, which covered consumer lending, financial advice, SME loans and … Continue reading Royal commission releases interim report

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Banking royal commission shows it’s a jungle out there and we must protect ourselves

  • Posted in: Finance
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  • 2018 September 15

Just when you thought the royal commission into misconduct in the financial services sector couldn’t get any worse, it does. The latest round of inquiries into life insurance, and the startling revelations that have come from them, have once again shown that the banks, and others, are often prepared to put profits well ahead of … Continue reading Banking royal commission shows it’s a jungle out there and we must protect ourselves

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The corporate regulator and the Australian Banking Association have agreed on a revised Code of Banking Practice.

  • Posted in: Finance
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  • 2018 August 1

The corporate regulator and the Australian Banking Association have agreed on a revised Code of Banking Practice, following months of disagreement. The Australian Securities and Investments Commission (ASIC) has approved the Australian Banking Association’s (ABA new Code of Banking Practice (COBP), set to commence operation on 1 July 2019. The new code has been approved … Continue reading The corporate regulator and the Australian Banking Association have agreed on a revised Code of Banking Practice.

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Bank regrets ‘unfair’ treatment of cattle-grazing family

The financial services royal commission has heard the case of the Brauers, a Queensland-based cattle-grazing family, who testified that they were “nearly wrecked” by their bank. During the fourth round of royal commission hearings, Bradley James, the regional manager for Queensland at Rabobank, turned to the Brauers while on the witness stand to express “regret” … Continue reading Bank regrets ‘unfair’ treatment of cattle-grazing family

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Banks expect Hayne royal commission focus on farming to ignite political fireworks

The next round of banking royal commission hearings will be a political powder keg given the emotion that could be stirred up by case studies exposing banks for trying to kick farmers off their land, the banks fear. Financing of the $60 billion agriculture sector will be the first topic under the microscope when the … Continue reading Banks expect Hayne royal commission focus on farming to ignite political fireworks

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Four Generations For Nothing (Short Film)

Shane has completed the script for his first short film titled “Four generations for nothing”. The film will address the emotional and psychological pressures that families in rural Australia face and is intended to create awareness and promote the Royal Commission into Australia’s Banks. The production will have a positive influence for those suffering under … Continue reading Four Generations For Nothing (Short Film)

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First Royal Commission Hearing into Financial Services Industry

  • Posted in: Finance
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  • 2018 February 12

Commissioner Kenneth Hayne QC and senior counsel Rowena Orr gave opening statements today at the first public hearings in Melbourne into misconduct in the banking, superannuation and financial services industry. The Banking Royal Commission has been asked to investigate Australia’s $430 billion dollar unregulated commercial finance industry as part of the Commission’s inquiry. Financial literacy … Continue reading First Royal Commission Hearing into Financial Services Industry

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A Royal Commission Report by Shane Reynolds

  • Posted in: Finance
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  • 2018 January 24

On 23 January 2018 Shane Reynolds filed his submission with the Commissioner High Court Judge, The Honourable Kenneth Madison Hayne AC. Shane Reynolds report addresses the conduct of financial services entities as defined by the terms of reference, the effectiveness of mechanisms for redress for consumers of financial services who suffer detriment as a result … Continue reading A Royal Commission Report by Shane Reynolds

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