What you missed over the New Year

by 06 Jan 2014
Been avoiding the financial news over the holiday season? We bring you up to speed on some of the key stories.

Conman jailed after impersonating broker
Gabriel Werden, a Victorian man who posed as a mortgage broker, solicitor, conveyancer and real estate agent simultaneously, was convicted of fraud totalling nearly $6m and now faces 10 years in jail. Read the full story here.

Major pips rivals in $1.45bn loan book deal
Westpac beat out Macquarie Group and a consortium led by Pepper to buy the $1.45bn Australian book of Lloyds Banking, boosting its motor finance and loan book. Read the full story here.

APRA puts higher capital requirements on Big Four
APRA has put higher capital requirements on the Big Four, saying that no financial institution should be too big to fail. Read the full story here.

Majors see market share pared back
The major banks have seen their mortgage market share drop over the past year as competition heats up. Read the full story here.

Terms of ‘Son of Wallis’ inquiry announced
The Treasury announced its terms of reference for the upcoming Financial Systems Inquiry, headed by former CBA boss David Murray. Key appointments include Craig Dunn, former CEO and managing director of AMP bank and Carolyn Hewson, chair of the Westpac Foundation.

ASIC makes senior appointment in WA
ASIC has announced that Jane Gouvernet has been appointed ASIC’s Acting Regional Commissioner for Western Australia following the retirement of long-standing WA Regional Commissioner Bruce Dodd.

Report on regulation of retail structured products unveiled
ASIC has worked with the International Organization of Securities Commissions (IOSCO) published a final report on Regulation of retail structured products.
ASIC Chairman Greg Medcraft said the development of the toolkit reflects ASIC’s stated focus on innovation-driven complexity in products. 
‘Retail structured products are an example of complex products offered to mum and dad investors. They may be attractive when investors are searching for yield. However, they pose risks to investors through potential mis-selling, poor disclosure and bad product design.

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