Enter your email to subscribe to the Guru Weekly
MENU
Home
Radio
TV
Weekly Blog
Testimonials
The Guru
Money Expert
Contact
Site
Web
Search
Finance News
The Banking Royal Commission in 60 seconds
Posted @ Tuesday, February 5, 2019
The banking Royal Commission has revealed some shocking details about the behaviour of Australian banks, however the report has protected small businesses.
Yesterday the banks rallied in terms of share price and with no major fines or bans Australian shares rallied today, led by the big four banks, with investors seemingly relieved that the financial services Royal Commission had not recommended harsher measures.
ANZ was up 6.11%, Commonwealth Bank added 4.69% and Westpac increased 6.59%.
NAB rose 4.74% after its Chief Executive, Andrew Thorburn, said this morning he had cancelled the remainder of his two months’ leave and added he was “more determined than ever” to lead the bank’s response to Kenneth Hayne’s report.
Mortgage brokers were left battered after the Hayne report recommended reforms to trailing commissions, with Mortgage Choice down more than 24% and Australian Finance Group losing more than 28%.
You might be asking yourself, how does the Royal Commission affect me? The answer is, it already has.
Over the past twelve months we have seen lending conditions and access to credit tighten. I'd expect they will remain that way, and there's a likelihood of out of cycle interest rate increases.
As financial advisers, we have been operating under best interest for more than 6 years, are regularly audited and reviewed on the advice we give. We will continue to act in that manner.
Posted in [
Reserve Bank
], [
Australian Shares
], [
Business
], [
Event
], [
GFC
], [
Banks
]
Return Top
Trackback
Print
Permalink
Trackback URL:
Share this post
«
Some meaningful advice for PM ScoMo
Dial up the romance, dial up the profits!
»
Possibly related posts:
2 Minute 2012 Federal Budget Summary
2016 Federal Budget Analysis - What You Need To Know
Ask The Guru A Question
Australian Economic Briefing by David Rumbens
10 traps in SMSF borrowing advice
Comments are closed for this post, but if you have spotted an error or have additional info that you think should be in this post, feel free to contact us.
Loading, please wait.
Search News
Case Studies
Starting out
Investing
Couples
Familes
Single Parent
Virgin Money Flyer Card
- 0% for 8 Months Balance
Transfer Click HERE
Latest Tweets
Follow me on Twitter
Categories
Miscellaneous (38)
Uncategorized (40)
Europe (23)
Who's done what (55)
Reserve Bank (20)
Australian Shares (66)
Tips (119)
Surveys (17)
US (31)
Gold (5)
Business (76)
Australian Dollar (38)
Something that may only interest me (117)
Thought of the week (74)
Christmas (4)
Christmas (3)
Debt (23)
China (10)
Eurozone (7)
superannuation (8)
Event (17)
Property (16)
GFC (12)
Global Growth (9)
Resources (3)
Property (3)
Banks (6)
Family (4)
Politics (1)
News Archive
2019
February 2019 (4)
January 2019 (2)
2018
September 2018 (1)
May 2018 (1)
April 2018 (1)
January 2018 (1)
2017
November 2017 (1)
August 2017 (3)
July 2017 (1)
May 2017 (4)
March 2017 (1)
January 2017 (1)
2016
December 2016 (2)
October 2016 (2)
September 2016 (2)
August 2016 (2)
July 2016 (3)
June 2016 (4)
May 2016 (4)
April 2016 (1)
March 2016 (2)
February 2016 (3)
January 2016 (3)
2015
December 2015 (4)
November 2015 (5)
October 2015 (4)
September 2015 (4)
August 2015 (3)
2014
November 2014 (1)
October 2014 (1)
September 2014 (4)
June 2014 (1)
May 2014 (7)
2013
December 2013 (1)
November 2013 (1)
October 2013 (4)
September 2013 (4)
August 2013 (2)
July 2013 (4)
June 2013 (5)
May 2013 (3)
April 2013 (3)
March 2013 (1)
February 2013 (4)
January 2013 (1)
2012
December 2012 (6)
November 2012 (7)
October 2012 (3)
September 2012 (12)
August 2012 (9)
July 2012 (12)
June 2012 (15)
May 2012 (11)
April 2012 (7)
March 2012 (13)
February 2012 (10)
January 2012 (5)
2011
December 2011 (13)
November 2011 (22)
October 2011 (13)
September 2011 (6)
January 2011 (2)
2010
December 2010 (2)
November 2010 (4)
October 2010 (4)
×
×