A daily download of SME, startup, fintech and tax news from around Australia.
Australia’s largest startup community, Fishburners, will farewell its first employee next month as CEO Pandora Shelley hands over the reigns to pursue international opportunities.
Ms Shelley joined Fishburners in 2011 and has taken on numerous roles and responsibilities including, community manager, marketing manager, and chief operations officer before taking on the role of CEO over a year ago.
The final report from the Royal Commission into Australia’s banking sector presents “many opportunities” for the local fintech sector, but has put companies “on notice” to not repeat the mistakes of the big banks.
Commissioner Kenneth Hayne handed the final report to government late last week, and it was released to the public on Monday. The near 1,000 page report includes 76 key recommendations to government focusing on cracking down on the unsolicited sale of financial products, the banning of conflicted remuneration earned by intermediaries and proper enforcement of rules and regulations.
Peel back the layers and it’s simply about culture. Kenneth Hayne’s royal commission report into misconduct in the banking, superannuation and financial services industry clearly states the interests of Australian customers have been sacrificed for short-term profits. The underlying culture of the Australian banking ecosystem has been to systematically take advantage of customers.
The report seeks to effect lasting change based on principles, producing a raft of policy and administrative design and implementation projects across governance, remuneration practices, controls and reporting, directors’ duties and accountability, cultural change programs and improved customer care.
When you control about a quarter of all home loans and handle about a third of all household deposits, as the Commonwealth Bank of Australia does, it is hard not to make industry-leading profits.
All of the vilification and censure handed out to CBA by the Hayne royal commission could not stop the country’s biggest bank from being a magnet for customers seeking transaction accounts and a safe place to deposit their savings.
The findings of the Royal Commission into the banking and financial services sector is expected to turn the finance industry on its head with fears of interest rate rises following a ban on broker commissions.
Scottish Pacific CEO Peter Langham said that adding a broker fee for service would be detrimental to small business owners seeking finance.
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