The Major Banks

COMMONWEALTH BANK OF AUSTRALIA (CBA)

The CBA tells Parliamentary Inquiry that it has considerably revamped its whistleblowing
system over the last couple of years and particularly in the last 12 months, as the
committee chair raised concerns over the ability of staff to raise concerns internally. 1
Couple whose home was repossessed by CBA alleges in court that husbands signature
11 March 2016 forged.2
5 April 2016

7 March 2016

The former Chief Medical Officer of CBAs insurance arm, CommInsure, makes claims
about a culture of dishonest and unethical practices where people within the organisation
would hide behind technicalities, bully their way with their medical and legal experts...
against a helpless and defenceless claimant.3

4 Feb 2016

The Sydney Morning Herald reports that CBA staff allegedly implicated in elaborate
alleged Ponzi scheme worth $76 million.4

2 Feb 2016

The Australian reports that The Commonwealth Bank of Australia has so far offered
nearly $3 million to people affected by its financial planning scandal as part of its Open
Advice Review, and paid more than $2 million to victims of shoddy advice, with more than
6000 cases still in the program. 5

25 Nov 2015

CBA will refund approximately $80 million to around 216,000 Wealth Package customers
as compensation for failing to apply fee waivers, interest concessions and other benefits
since 2008. The refund payments include an additional amount of interest to recognise
the time elapsed since the relevant benefit was not applied. 6

19 Oct 2015

$7.6 million refunded to 8,400 CBA customers for failing to provide advertised fee waivers
and other benefits of services package.7

22 April 2015

Report of Korda Mentha, Compliance Expert reports 25 advisers investigated during

advice customer compensation processes.8

21 April 2015

CBA tells Economics References Committee that 43 planners left in past three years
(during investigations).9

21 April 2015

CBA tells Economics References Committee that it has reported 12 CBA advisers since
2011.10

11
27 March 2015 Two former CBA Executives charged over alleged bribery scandal.

17 Dec 2013

Two members of the CBA Group enter Enforceable Undertaking after unauthorised
withdrawals of client money from trust accounts and pooling of client money.12

14 Sept 2012

CBA agrees to make $136 million available in compensation for involvement in Storm
Financial (collapse hurt 14,000 investors). The $136 million is in addition to payments of
approximately $132 million, and other benefits, CBA has already provided to Storm
investors under its CBA Resolution Scheme. 13

7 March 2012

ASIC accepts Enforceable Undertaking from CBA following concerns that a message sent
to its internet banking customers was misleading.14

14 Oct 2009

CBA fined $100,000 for failure to comply with market rules (continuous disclosure)
obligations under The Corporations Act.15

ANZ
6 April 2016

The Australian reports that a former ANZ planner has been jailed for more than six years
for stealing almost $1 million from an elderly client to feed a gambling debt. 16

5 April 2016

The Australian reports that a top ANZ executive has been quizzed by a Parliamentary
Inquiry over the banks connection to the multi-billion-dollar 1MDB scandal engulfing the
Malaysian government.17

4 April

ANZ tells Parliamentary Inquiry that for 2014-15, ANZ reported three breaches of the
internal dispute resolution requirements under the Code of Banking Practice to the Code
Compliance Monitoring Committee and six in 2013-14. Two breaches for 2014-15 were
self-identified and one was raised with ANZ by the Code Compliance Monitoring
Committee.18

30 March 2016 ANZ to refund around 25,000 customers approximately $5 million after it failed to properly
apply some fee reductions and fee waivers for certain customers. 19
15 March 2016 ANZ media release confirms engagement of PWC in January 2016 to conduct an
independent compliance review within its OnePath subsidiaries, following compliance
breaches that were proactively reported to the Australian Securities and Investments
Commission (ASIC) from early 2013. Since February 2013, ANZ has compensated
approximately $4.5 million to around 1.3 million OnePath customers for breaches
including not following up on some unbanked cheques and for superannuation
contributions not being allocated to the customers correct account. 20
ANZ to pay penalties totalling $212,500 for breaching responsible lending laws in making
7 March 2016
offers of overdraft facilities to its customers.21
4 March 2016

ASIC is commencing legal proceedings in the Federal Court against the Australia and
New Zealand Banking Group Limited (ANZ) for alleged unconscionable conduct and
market manipulation in relation to the ANZ's involvement in setting the bank bill swap
reference rate (BBSW) in the period March 2010 to May 2012. 22

16 Feb 2016

Referring in particular to the ANZ/Landmark changeover, Sydney Barrister Peter King,

who has represented more than 50 farming customers in disputes with banks, tells a
Parliamentary Inquiry that he had seen instances where farmers had been put into default
for falling only $10 behind on their loans or missing a payment by just a couple of days. 23

15 Jan 2016

The Sydney Morning Herald reports that two traders dismissed by ANZ for inappropriate
behaviour are suing the bank for tens of millions of dollars, claiming a rampant culture of
sex, drugs and alcohol was condoned among senior staff on the dealing floor. 24

13 Nov 2015

Deputy Group CEO tells Parliamentary inquiry in relation to the ANZ/Landmark

changeover that there are some cases where we should have done a better job of
working with our customers.25

12 Nov 2015

Around 200,000 customers are to be compensated approximately $13 million dollars after
ANZ failed to accurately apply bonus interest to Progress Saver Accounts (PSA) for a
number of years. The refund payment includes an additional amount to recognise the
time elapsed since the initial breach.26

5 Oct 2015

The Australian Financial Review reports that ANZ had 3 per cent of workforce breach
code of conduct in 2014 - 1700 staff breach code of conduct, with 336 dismissed and 229
resigning.27

5 May 2015

The Age reports that ANZ to pay $30 million dollar reimbursement for miscalculated
interest on credit card cash advances, impacting millions of customers.28

21 April 2015

ANZ tells the Economics References Committee that over the last 12 months ANZ have
reported 6 ANZ planners to ASIC for breaches.29

21 April 2015

ANZ tells the Economics References Committee that as at April 2015, 16 planners have
been terminated in previous 3 years for behaviours that range from cultural differences
and inappropriate behaviours through to the serious compliance breaches reported to
ASIC.30

16 April 2015

The ABC reports that 8,500 ANZ customers were sold advice package but did not receive
services included in the package. ANZ will reimburse $30 million in fees.31

10 Feb 2015

Former financial planner jailed for defrauding more than 150 clients of over $5.9 million
over a period of 20 years, including eight years of working for ANZ subsidiary. 32

4 Jan 2015

The Australian Financial Review reports that 7 traders, including senior ANZ Group
trader, investigated for manipulating market benchmarks33

30 Jan 2014

The Sydney Morning Herald reports that ANZ conducting a sweeping review all of its
home loan, savings and small business accounts to ensure they are operating correctly,
after a major glitch forced it to refund $70 million to 235,000 home loan customers. 34

6 March 2009

ASIC accepts Enforceable Undertaking from ANZ for poor compliance culture and paid
hundreds of millions in settlement.35

MACQUARIE BANK

17 March 2016 ASIC imposes additional conditions on Macquarie Bank Limiteds AFS License for
breaches relating to the handling of client money. The breaches raised issues including
failing to deposit monies into a designated client trust account; and making withdrawals
that were not permitted from such an account. Macquarie has filed an application for
review of the decision in the AAT and has also sought a stay of the decision pending the
outcome of the review. 36
16 Feb 2016

ASIC bans former director and responsible manager of Macquarie subsidiary for six years
for breaching his duties as an officer of a responsible entity of a registered management
investment scheme. Conduct included creating fake emails to extract confidential
information from his funds competitors. 37

18 Jan 2016

ASIC bans former representative of Macquarie Equities Limited from providing financial
services for three years after he was found to not be adequately trained or competent to
provide financial services. The former representative has appealed to the AAT for a
review of ASICs decision. 38

10 Dec 2015

Macquarie Securities (Australia) Limited pays a penalty of $110,000 for allegedly

contravening a rule of the ASIC Market Integrity Rules 2010 and thereby the Corporations
Act.39

17 June 2015

$5.5 million refunded to around 2300 clients of Macquarie Investment Management

Limited after system error in Macquarie Wrap Platform between 2001 and 2014. 40

25 May 2015

ASIC bans former Representative of Macquarie Equities Limited after he engaged in

unauthorised discretionary trading on his clients' accounts and created false records. 41

21 April 2015

Senate Economics References Committee hears that Macquarie has paid $9.5 million
paid in compensation to clients of financial advice.42

21 April 2015

Senate Economics References Committee hears Macquarie reported 11 advisers to

ASIC.43

21 April 2015

Economics References Committee hears that Macquarie is reviewing 2500 client files for
possible compensation.44

13 Feb 2015

Enforceable Undertaking accepted after ASIC finds "systemic deficiencies" at Macquarie

Equities Limited.45

12 Sept 2014

$82.5 million to be paid by Macquarie in compensation for involvement in Storm Financial.

5 Sept 2012

An Internal Report of Macquarie Private Wealth finds more than 80 per cent of the
division's private client advisors were in breach of compliance standards.47

46

31 March 2011 Former Macquarie fund manager jailed for two and a half years after pleading guilty to
making $1.4 million from insider trading.48

NATIONAL AUSTRALIA BANK

3 March 2016

ASIC bans former NAB adviser for five years for engaging in misleading and deceptive
conduct including falsely representing that he was a member of a superannuation fund in
order to obtain unauthorised information about a members account. 49

4 Feb 2016

ASIC bans former NAB adviser for seven years for engaging in misleading and deceptive
conduct including forging clients signatures on Change of Adviser forms and receiving
the remuneration that flowed from processing these false forms.50

24 July 2015

NABs wealth management business to pay $25 million in compensation to 62,000

customers following a system error on its Navigator Wrap Platform .51

21 April 2015

NAB tells Economics References Committee that 41 planners dismissed over past 5
years.52

21 April 2015

NAB tells Economics References Committee that 750 advice customers compensated
$14.5 million between Jan 2010 and Sept 2014. 53

21 April 2015

NAB tells Economics References Committee that it has reported 8 planners to ASIC
(breach reports).54

15 April 2015

NAB receives a record $38.8 million fine from Britains Financial Conduct Authority for
"serious failings" in handling complaints regarding payment protection insurance to up to
90,000 customers of UK subsidiary.55

1 Oct 2014

NAB fined $10,200 for misleading statements in PDS.56

17 Sept 2014

NAB fined $40,800 for misleading advertising.57

23 Dec 2013

ASIC accepts Enforceable Undertaking from NAB for market misconduct by trading
personnel contracted to bank.58

59
15 March 2015 Former NAB Foreign Exchange Trader sentenced to 7 years jail for insider trading.

23 Dec 2013

ASIC accepts Enforceable Undertaking from NAB for market misconduct by trading
personnel contracted to bank.60

10 Nov 2012

The Australian Financial Review reports that NAB to pay $115 million settlement to
shareholders following poor disclosure of its investment in toxic products during GFC. 61

WESTPAC

5 April 2016

ASIC commences legal proceedings in the Federal Court in Melbourne against Westpac
Banking Corporation (Westpac) for unconscionable conduct and market manipulation in
relation to Westpac's involvement in setting the bank bill swap reference rate in the period
6 April 2010 and 6 June 2012.62

5 April 2016

A subsidiary of Westpac Banking Corporation, has paid penalties totalling $493,000 after
ASIC found it breached important consumer protection provisions relating to the
repossession of motor vehicles, including failing to provide customers with default notices
prior to commencing enforcement proceedings to repossess mortgaged vehicles and
failing to provide customers with legally required information setting out their rights within
the required time frame after it repossessed mortgaged vehicles. 63

5 April 2016

The Sydney Morning Herald reports that about 20 Westpac staff have been interviewed
by ASIC in relation to trading practices relating to the bank bill swap rate. A spokesman
from Westpac said Westpac, along with a number of banks is continuing to co-operate
with an industry-wide investigation by ASIC into trading practices relating to the bank bill
swap rate. 64

8 March 2016

The Australian reports that Senior Westpac executives have been subject to ongoing
compulsory interviews by ASIC as the corporate watchdogs investigation into the rigging
of bank bill swap rates by Australian banks widens. 65

20 Jan 2016

Westpac pays $1 million following ASIC's concerns about credit card limit increase
practices. ASICs concerns include failure to make reasonable inquiries about some
consumers' income and employment status before increasing their credit card limit. 66

18 Dec 2015

ASIC permanently bans former Western Australia branch bank manager, after being
convicted and sentenced for 9 counts of stealing as a servant and 1 count of gaining a
benefit by fraud, for making unauthorised withdrawals from various bank accounts in a
friend's name, totalling $515,000.67

29 Oct 2015

Westpac to offer to refund premiums to 10,600 insurance customers who paid for
insurance cover that was not needed. Customers were charged for loan protection
insurance while the customer did not have a loan on foot and where the customer did not
intend to be covered.68

15 Oct 2015

ASIC permanently bans adviser of subsidiary of Westpac Banking Group for transferring
funds from clients accounts without authorisation, falsely creating documents including
emails and bank statements, and perpetuating the false documents on client accounts. 69

20 April 2015

The Sydney Morning Herald reports that a Queensland businessman is suing Westpac for
misleading and deceptive conduct after the bank allegedly slotted him into highly
leveraged financial products and blew up $4 million in savings. 70

26 Feb 2015

ASIC permanently bans former Westpac home finance manager following conviction of
fraud for withdrawing over $113,000 from ATMs after obtaining eight credit cards using
false names.71

17 Sept 2014

Westpac pays $20,400 penalty for potentially misleading statements in PDS.72

20 May 2014

ASIC bans former Westpac trader for 8 years after an ASIC investigation found he
created a series of fictitious trading entries and had created a false document.73

Senate Inquiry into Impairment of Customer Loans Monday, 4 April 2016 p 43

http://www.abc.net.au/news/2016-03-11/commonwealth-bank-forged-signature-inflated-wages-court-hears/7241210

http://www.abc.net.au/news/2016-03-07/comminsure-whistleblowersays-doctors-pressured-change-opinions/7226910

and http://www.abc.net.au/4corners/stories/2016/03/07/4417757.htm#transcript
4

Cameron Houston and Chris Vedelago, Commonwealth Bank Staff implicated in alleged $76m fraud, February 4,

2016, online: The Sydney Morning Herald, http://www.smh.com.au/business/banking-and-finance/commonwealth-bankstaff-implicated-in-alleged-76m-fraud-20160204-gmllia.html

5Michael

Roddan, CBA pays 2 million in advice compo, The Australian, February 2 2016, online:

http://www.theaustralian.com.au/business/financial-services/cba-pays-2m-in-advice-compo/newsstory/250dc7eefadd4372b5609929a6172c14?login=1
6

ASIC, 15-355MR Commonwealth Bank to refund $80 million after failing to apply benefits, Wednesday 25, November

2015: http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-355mr-commonwealth-bank-torefund-80-million-after-failing-to-apply-benefits/
7

ASIC, 15-298MR CBA to refund $7,600,000 after failing to apply benefits, Monday 19 October 2015:

http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-298mr-cba-to-refund-7-600-000-afterfailing-to-apply-benefits/
8

Kordamentha, Comparison Report Commonwealth Financial Planning Limited and Financial Wisdom Limited, prepared
for ASIC as Report of Compliance Expert 22 April 2015, p 8.
9

Senate Economics References Committee, Scrutiny of financial advice, Tuesday, 21 April 2015, transcript p 52

10

Senate Economics References Committee, Scrutiny of financial advice, Tuesday, 21 April 2015, transcript p 62

11

Nick Ralston, Second Commonwealth Bank executive charged over alleged bribery scandal, Sydney Morning Herald,

March 27, 2015: http://www.smh.com.au/nsw/second-commonwealth-bank-executive-charged-over-alleged-briberyscandal-20150326-1m8z6k.html

12

ASIC, 13-344MR CommSec and Ausiex enter into enforceable undertaking with ASIC, 17 December 2013:
http://asic.gov.au/about-asic/media-centre/find-a-media-release/2013-releases/13-344mr-commsec-and-ausiex-enterinto-enforceable-undertaking-with-asic/
13

ASIC, 12-227MR ASIC and CBA reach Storm Financial settlement, 14 September 2012: http://www.asic.gov.au/aboutasic/media-centre/find-a-media-release/2012-releases/12-227mr-asic-and-cba-reach-storm-financial-settlement/
14

ASIC, 12-40MR ASIC accepts enforceable undertaking from Commonwealth Bank, 7 March 2012:
http://asic.gov.au/about-asic/media-centre/find-a-media-release/2012-releases/12-40mr-asic-accepts-enforceableundertaking-from-commonwealth-bank/
15

ASIC, 09-199MR Commonwealth Bank pays $100,000 penalty, 14 October 2009: http://asic.gov.au/about-asic/mediacentre/find-a-media-release/2009-releases/09-199mr-commonwealth-bank-pays-100-000-penalty/

16

April 6, The Australian, Financial planner gets six years for $1m theft, p 2

17

5 April 2016 http://www.theaustralian.com.au/business/financial-services/anz-executive-graham-hodges-quizzed-on-

1mdb-scandal/news-story/eaf46439059ec7e809318e9b35172bb3
18

Senate Inquiry into Impairment of Customer Loans Monday, 4 April 2016 p 24

19

30 March 2016 ASIC Media Release 16098MR ANZ to refund $5 million to basic account holders for incorrect late
payment and overlimit fees - https://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-098mranz-to-refund-5-million-to-basic-account-holders-for-incorrect-late-payment-and-overlimit-fees/
20

ANZ Release March 15 ANZ appoints PwC to conduct independent review of OnePath compliance systems:

https://www.professionalplanner.com.au/cut-and-paste/2016/03/15/anz-appoints-pwc-to-conduct-independent-review-ofonepath-compliance-systems-44669/
21

Monday March 7 2016, 16063MR ANZ pays $212,500 penalty for breaching responsible lending laws when offering

overdrafts
22

March 4 2016, 15060MR ASIC commences civil penalty proceedings against ANZ for BBSW conduct,
http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/15-060mr-asic-commences-civilpenalty-proceedings-against-anz-for-bbsw-conduct/ http://www.abc.net.au/news/2016-03-04/asic-takes-action-againstanz-for-alleged-rate-fixing/7221306
23

Parliamentary Joint Committee on Financial Services, Impairment of customer loans, Tuesday, 16 February 2016, p 7

http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=COMMITTEES;id=committees%2Fcommjnt%2Fe27cf6
3a-bea5-48bf-a8e3-f893a5fd253f%2F0001;query=Id%3A%22committees%2Fcommjnt%2Fe27cf63a-bea5-48bf-a8e3f893a5fd253f%2F0000%22
24

Jemima Whyte, Jonathan Shapiro, Sarah Thompson, Joyce Moullakis, Sacked ANZ trader says bank tolerated drugs,

strip clubs, Financial Review, January 15, 2016: http://www.smh.com.au/business/banking-and-finance/sacked-anztrader-says-bank-tolerated-drugs-strip-clubs-20160114-gm680d.html

25

Parliamentary Joint Committee on Corporations and Financial Services - 13/11/2015 - Impairment of customer loans at

15.41
26

ASIC, 15-330MR ANZ to pay $13 million after failing to accurately apply bonus interest, 12 November 2015:

http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-330mr-anz-to-pay-13-million-afterfailing-to-accurately-apply-bonus-interest/
27

Sarah Danckert, ANZ had 3% of workforce breach code of conduct in 2014, The Australian Financial Review,

October 5 2015: http://www.afr.com/business/banking-and-finance/financial-services/anz-had-3pc-of-workforce-breachcode-of-conduct-in-2014-20151005-gk1gqw

28

Clancy Yeates, ANZ to repay millions of customers after $30m credit card glitch, The Age, May 5, 2015:
http://www.theage.com.au/business/banking-and-finance/anz-to-repay-millions-of-customers-after-30m-credit-card-glitch20150505-gguhd8.html
29

Senate Economics References Committee, Scrutiny of financial advice, TUESDAY, 21 APRIL 2015, Transcript p 28

30

Senate Economics References Committee, Scrutiny of financial advice, Tuesday, 21 April 2015, transcript p 28

Peter Ryan, ANZ to reimburse 8,500 financial planning clients $30 million, ABC, 16 Apr 2015:
http://www.abc.net.au/news/2015-04-16/anz-to-reimburse-some-financial-planning-clients-30-million/6397442
31

ASIC, 15-018MR Former financial adviser jailed for $5.9 million fraud, 10 February 2015: http://asic.gov.au/aboutasic/media-centre/find-a-media-release/2015-releases/15-018mr-former-financial-adviser-jailed-for-59-million-fraud/
32

Jonothan Shapiro, ANZ traders sidelined during ASIC investigation, AFR: http://www.afr.com/business/banking-andfinance/financial-services/anztraders-sidelined-during-asic-investigation-20150104-12hq2v
33

Clancy Yates, ANZ review after glitch forces $70m in home loan refunds, Sydney Morning Herald, January 30, 2014:
http://www.smh.com.au/business/banking-and-finance/anz-review-after-glitch-forces-70m-in-home-loan-refunds20140129-31m3z.html#ixzz41bFxEJOb
34

ASIC, MR09-37 Opes Prime: proposed settlement and ANZ enforceable undertaking, 6 March 2009:
http://asic.gov.au/about-asic/media-centre/find-a-media-release/2009-releases/mr09-37-opes-prime-proposedsettlement-and-anz-enfo
35

36

11 March 2016 16068MR ASIC imposes additional licence conditions on Macquarie Bank

37

http://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-035mr-asic-bans-former-director-

and-responsible-manager-of-macquarie-subsidiary/
38

http://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-006mr-asic-bans-former-

representative-of-macquarie-equities-limited/
39

ASIC, 15-377MR Macquarie Securities (Australia) Limited pays $110,000 infringement notice penalty 10 December

2015: http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-377mr-macquariesecurities-australia-limited-pays-110-000-infringement-notice-penalty/
40

ASIC, 15-150MR Macquarie Investment Management to refund clients after review of system errors, June 17, 2015:

http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-150mr-macquarie-investmentmanagement-to-refund-clients-after-review-of-system-errors/
41

ASIC, 15-121MR ASIC bans former representative of Macquarie Equities Limited, Monday 25 May, 2015:

http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-121mr-asic-bans-formerrepresentative-of-macquarie-equities-limited/
42

Senate Economics References Committee, Scrutiny of financial advice, Tuesday, 21 April 2015, transcript p 13

43

Senate Economics References Committee, Scrutiny of financial advice, Tuesday, 21 April 2015, transcript p 15

44

Senate Economics References Committee, Scrutiny of financial advice, Tuesday, 21 April 2015, transcript p 15

ASIC, 15-022MR Macquarie Equities Limited enforceable undertaking and next steps, 13 February 2015:
http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-022mr-macquarie-equities-limitedenforceable-undertaking-and-next-steps/
45

46

http://asic.gov.au/about-asic/media-centre/find-a-media-release/2014-releases/14-244mr-asic-and-bank-ofqueensland-reach-storm-financial-settlement/ - see note at bottom of ASIC release

Michael West, Regulator eyes millionaires factory, SMH, September 5, 2012:
http://www.smh.com.au/business/regulator-eyes-millionaires-factory-20120905-25dpl.html
47

Hannah Low, Former Macquarie trader sentenced to 2 years, March 30 2011: http://www.afr.com/markets/equitymarkets/former-macquarie-trader-sentenced-to-2-years-20110331-ihxy7
48

49

3 March 2016, 16-059 Media Release, ASIC bans former NAB adviser for five years not yet up on ASIC website but

circulated through CCH - http://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-059mr-asicbans-former-nab-adviser-for-five-years/

50

4 February 2016, http://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-022mr-asic-bans-

former-nab-bank-adviser-for-seven-years/
51

ASIC, 15-194MR NAB Wealth refunds additional customers following ASIC action, 24 July 2015:
http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-194mr-nab-wealth-refunds-additionalcustomers-following-asic-action/
52

Senate Economics References Committee, Scrutiny of financial advice, Tuesday, 21 April 2015, transcript p 41

53

Senate Economics References Committee, Scrutiny of financial advice, Tuesday, 21 April 2015, transcript p 36

54

Senate Economics References Committee, Scrutiny of financial advice, Tuesday, 21 April 2015, transcript p 41

Adele Ferguson , More questions over NAB culture after huge Clydesdale fine, April 15, 2015:
http://www.theage.com.au/business/banking-and-finance/more-questions-over-nab-culture-after-huge-clydesdale-fine20150415-1mlf99.html
55

56

ASIC, 14-257MR NAB pays $10,200 penalty for misleading statements in PDS, 1 October 2014:
http://asic.gov.au/about-asic/media-centre/find-a-media-release/2014-releases/14-257mr-nab-pays-10-200-penalty-formisleading-statements-in-pds/

57

ASIC, 14-235MR NAB pays $40,800 penalty for misleading UBank advertisements, 17 September 2014:
http://asic.gov.au/about-asic/media-centre/find-a-media-release/2014-releases/14-235mr-nab-pays-40-800-penalty-formisleading-ubank-advertisements/
58

ASIC, 13-365MR ASIC accepts enforceable undertaking from National Australia Bank, 23 December 2013:
http://asic.gov.au/about-asic/media-centre/find-a-media-release/2013-releases/13-365mr-asic-accepts-enforceableundertaking-from-national-australia-bank/
Patrick Durkin, NAB inside trader Lukas Kamay sentenced to seven years, AFR, Mar 17 2015:
http://www.afr.com/business/banking-and-finance/financial-services/nab-inside-trader-lukas-kamay-sentenced-to-sevenyears-20150317-1m0j9d
59

60

ASIC, 13-365MR ASIC accepts enforceable undertaking from National Australia Bank, 23 December 2013:
http://asic.gov.au/about-asic/media-centre/find-a-media-release/2013-releases/13-365mr-asic-accepts-enforceableundertaking-from-national-australia-bank/
Matthew Drummond, NAB settles class action for $115m, AFR: http://www.afr.com/business/nab-settles-class-actionfor-115m-20121110-j1hmn
61

62

http://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-110mr-asic-commences-civil-

penalty-proceedings-against-westpac-for-bbsw-conduct/
63

Tuesday 5 April 2016, ASIC Release 16106MR Westpac car financier pays $493,000 for breaching consumer
protection repossession laws
64

http://www.smh.com.au/business/banking-and-finance/asic-to-sue-other-banks-over-bbsw-20160404-

gnxrpz.html#ixzz44u0nZkr9
65

Leo Shanahan, Westpac execs quizzed in bank bill swap rate rigging probe, The Australian, March 8, 2016:

http://www.theaustralian.com.au/business/financial-services/westpac-execs-quizzed-in-bank-bill-swap-rate-riggingprobe/news-story/03643bd6cf67d8ccb1a3eec1b0edfe77
66

20 January 2016, 16-009MR Westpac pays $1 million following ASIC's concerns about credit card limit increase

practices: http://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-009mr-westpac-pays-1million-following-asics-concerns-about-credit-card-limit-increase-practices/
67

ASIC, 15-399MR ASIC permanently bans former WA bank manager, 18 December 2015:

http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-399mr-asic-permanently-bansformer-wa-bank-manager/
68

ASIC, 15-318MR Westpac to refund premiums for unwanted insurance cover, 29 October 2015:

http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-318mr-westpac-to-refund-premiumsfor-unwanted-insurance-cover/
69

ASIC, 15294MR ASIC permanently bans former Magnitude Group adviser, Thursday 15 October 2015:

http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-294mr-asic-permanently-bans-formermagnitude-group-adviser/
Michael West, Senate banks inquiry may not fix advice malaise, SMH, April 20, 2015:
http://www.smh.com.au/business/senate-banks-inquiry-may-not-fix-advice-malaise-20150420-1mo717.html
70

ASIC, 15-041MR ASIC bans former Westpac home finance manage, 26 February 2015: http://asic.gov.au/aboutasic/media-centre/find-a-media-release/2015-releases/15-041mr-asic-bans-former-westpac-home-finance-manager/
71

ASIC, 14-236MR Westpac pays $20,400 penalty for misleading statements, 17 September 2014:
http://asic.gov.au/about-asic/media-centre/find-a-media-release/2014-releases/14-236mr-westpac-pays-20-400-penaltyfor-misleading-statements/
72

ASIC, 14-107MR ASIC bans former Sydney trader, 20 May 2014: http://asic.gov.au/about-asic/media-centre/find-amedia-release/2014-releases/14-107mr-asic-bans-former-sydney-trader/
73

10