Markets

Celebrity financial planner and former Sky News host Sam Henderson cops three-year ban for shoddy advice uncovered by banking royal commission

A celebrity planner who offered “risible” financial advice to a Fair Work Commissioner has been banned from working in the finance sector for three years. Sam Henderson copped the three-year ban from the Australian Securities and Investments Commission yesterday in relation to conduct revealed at the banking royal commission last […]
Celebrity financial planner and former Sky News host Sam Henderson cops three-year ban for shoddy advice uncovered by banking royal commission
Markets

The full AMP horror show is here

AMP’s wealth management arm saw nearly $4 billion in client money leave its books in the past financial year, largely as a result of reputational damage from the financial services royal commission. For context, the previous year, it had added $931 million in inflows. Statutory net profit for the year […]
The full AMP horror show is here
News

10 things you need to know this morning in Australia

Good morning — it’s Friday; you made it through another week, unless you’re Ken Henry or Andrew Thorburn. 1. “Andrew and I are deeply sorry for this,” said now outgoing NAB chair Ken Henry in his statement yesterday announcing he would be leaving the bank along with the CEO, Andrew […]
10 things you need to know this morning in Australia
Markets

NAB is in a trading halt

NAB is in a trading halt after days of speculation over future of its chairman and CEO. On Thursday afternoon, the bank today said: “Trading in the securities of the entity will be temporarily paused pending a further announcement.” The company’s chairman Ken Henry and chief executive Andrew Thorburn were […]
NAB is in a trading halt
Markets

Shares in Australian mortgage broking companies are getting destroyed

Shares in the major banks on the Australian share market are surging today, in a “relief rally” following the release of the final report of the financial services royal commission. But mortgage broking companies are getting annihilated. The business model for mortgage brokers that involves taking commissions from banks on […]
Shares in Australian mortgage broking companies are getting destroyed
Markets

Ken Henry is in deep trouble

The final report of the financial services royal commission has reserved special criticism for Ken Henry, the NAB chairman, and the bank’s CEO, Andrew Thorburn. Commissioner Kenneth Hayne made pointed contrasts between the leaders of other banks, whom he said seemed well appraised of the challenges ahead. Hayne said he […]
Ken Henry is in deep trouble
Markets

6 questions Australian banks must answer to regain trust

After today’s Banking Royal Commission’s final report it may seem as if it is impossible for banks to regain trust. But it is possible, as I know from working with prominent British and European banks after the global financial crisis, taking part in policy meetings at the UK parliament about […]
6 questions Australian banks must answer to regain trust