The incorrect fees have been found to be a result of manual errors executed by CBA staff members, as well as improperly configured or inadequate processes and systems which dismissed the fact that a vast number of customers were entitled to waivers on any fees. CBA was also found to have produced misrepresented justifications of…
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Comyn added: We’re also delighted to welcome Square Peg and Zetta as strategic partners and look forward to working with them to bring new solutions to our customers, harnessing the latest technologies, artificial intelligence, and machine learning models. Venture capital fund Square Peg has backed a range of successful Australian ventures and will partner with…
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The Italian Banking Association (ABI) has shown its willingness to support a digital currency from the European Central Bank. The ABI has approved official guidelines for governing a Central Bank Digital Currency (CBDC). The Executive Committee of the ABI has agreed on ten fundamental criteria to issue the digital euro. London Stock Exchange Group (LSEG) announced…
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The Australian regulator alleges that the arrangements between CBA and CFSIL breached the ban on conflicted remuneration as the arrangements could influence the choice of financial product recommended by CBA to retail clients or the financial product advice. ASIC is looking for civil penalties against CBA and CFSIL. The maximum penalty could go up to…
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Commonwealth Bank (CBA) has announced the appointment of Alan Docherty as Chief Financial Officer. Mr Docherty has been Acting Chief Financial Officer since May 2018. Prior to this, Mr Docherty was Chief Financial Officer of the Institutional Banking and Markets division and held senior roles in Group Finance, Group Treasury and the Business and Private…
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The Commonwealth Bank (CBA) has helped its client, the World Bank, launch bond-i - the world’s first bond to be created, allocated, transferred and managed through its life cycle using distributed ledger technology. CBA was mandated by the World Bank as arranger for the bond on August 10 and following a two-week consultation period with…
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Commonwealth Bank of Australia (CBA) informed that it has entered into a court enforceable undertaking with Australian regulator ASIC in relation to their bank bill trading business and their participation in the setting of the Bank Bill Swap Rate (BBSW), a key benchmark and reference interest rate in the Australian financial system. As part of…
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ASIC announced that it has today commenced legal proceedings in the Federal Court in Melbourne against the Commonwealth Bank of Australia (CBA) for unconscionable conduct and market manipulation in relation to CBA's involvement in setting the bank bill swap reference rate (BBSW) between 31 January 2012 and October 2012. The BBSW is the primary interest…
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ASIC has today accepted enforceable undertakings (EUs) from each of the National Australia Bank Limited (NAB) and the Commonwealth Bank of Australia (CBA) in relation to the banks’ wholesale spot foreign exchange (FX) businesses. As a result of ASIC’s investigation, ASIC is concerned that between 1 January 2008 and 30 June 2013, both banks failed…
Read moreClearing house LCH has announced that Commonwealth Bank of Australia (CBA) has become its first Australian Protected Payments System (PPS) Bank. Having an Australian PPS Bank enables LCH to make and receive Australian Dollar payments in the local time zone. The PPS system is the method by which LCH calls and pays cash margin to its clearing…
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