Financial Services News

The Commonwealth Bank of Australia (CBA) has introduced a new customer authentication feature for its online banking portal NetBank designed to prevent unauthorised access to a customer’s accounts even if their password has been stolen. The feature, added as part...

Teachers Mutual Bank (TMB) has appointed Dan Chesterman, former tech chief of the Australian Securities Exchange (ASX), as chief information officer. Chesterman replaces Christopher Olter in the senior technology role. TMB confirmed Olter, who was appointed CIO in August 2023,...

The Supreme Court of NSW has imposed a $13.5 million fine on insurer Allianz Australia after it was found to have disseminated false or misleading information associated with a number of its travel insurance policies advertised online. Allianz Australia and...

The Federal Government has outlined its plans to extend the Consumer Data Right (CDR) scheme to non-bank lenders, including buy now, pay later (BNPL) providers, from mid-2026. Among the other mooted changes to the data sharing scheme include: A removal...

The Australian Banking Association (ABA) has released its updated ethics and conduct rule book for Australia’s banking sector, with new provisions that expand protections for small businesses, vulnerable customers and loan guarantors. The new Banking Code of Practice, approved by...

NAB-owned digital bank, Ubank, has completed a full rebuild of its mortgage broker platform, offering brokers a streamlined loan lodgement process and an improved user interface. The new platform boasts a range of new tools and bespoke processes for brokers,...

The Australian insurance industry’s peak lobby group has urged the Federal Government to address critical gaps in identified hazard data, allowing insurers and public agencies to more effectively track flood and other natural disaster risk across the country. In its...

An overwhelming majority of chief risk officers (CROs) from the global banking sector continue to rate cybersecurity risk as their foremost priority over the next year, well above all other measured risk factors, results from EY’s latest annual bank CRO...

Westpac names new Transformation Chief to head up Unite, the bank’s $3b tech consolidation program; Zip Co appoints former big four alum as CEO; and industry veteran Summerhayes to lead New Payments Platform (NPP) transition steering committee. Executive ◼️ Westpac...

The Federal Court has handed Australia’s biggest industry super fund a $27 million fine for its failure to inform members of duplicate accounts. Federal Court Justice Lisa Hespe labelled the compliance breach – prosecuted by regulator ASIC – as “serious...

Australian payments fintech Zeller has unveiled its “all-in-one” digital financial solution built for start-up founders. The new service, christened ‘Zeller for Startups’ and set to launch in “coming weeks”, boasts a suite of tools for managing early-stage businesses, combining, the...

SME specialist neobank Judo has announced co-founder David Hornery will succeed incumbent Peter Hodgson as chair. Hornery, who joined the Judo Bank board in 2021, will assume the chairmanship at the end of February, with Hodgson announcing he will step...

Regional Australian banks MyState and Auswide have finalised their merger, six months after announcing their plan to unite. The merger combines the ASX-listed challenger institutions MyState, a Tasmania-based bank with attached wealth trustee services, with Auswide, based in Queensland and...

ASIC has proposed removing certain breach reporting obligations under the reportable situations regime in an effort to help “relieve” regulated entities of costly, time-consuming and frequent updates to the regulator. The financial services industry watchdog is seeking feedback from licensees...

The life insurance industry is set for major changes in 2025, driven by new regulations, evolving customer needs, and technological advancements. The Financial Accountability Regime (FAR) and the review of the Life Insurance Code of Practice will drive greater transparency...