Productivity Commission savages financial regulatory system

Australia’s ‘Four Pillars’ banking policy is redundant, there is not enough competition in the insurance industry, and the banks are using their market power to gouge their customers. That’s what the Productivity Commission thinks. The independent government agency has released its Draft Report on Competition in the Australian Financial System. It does not paint a […]

Councils to sue Standard & Poors in new action

By Julian Bajkowski Australian councils burned by toxic investments in collateralised debt obligations (CDOs) from collapsed bank Lehman Bros. have escalated their legal action and will try and rope-in ratings agency Standard & Poors in their bid to recover losses of around $200 million. Litigation funder IMF said on Tuesday afternoon that it will file […]

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