AUD News 

Australia’s bruised big banks offered respite in inquiry wash-up

“Broker-originated loans currently account for up to half of some of the big banks’ mortgage books” reports Finance Brokers Association of Australia managing director Peter White said the big banks would use their branches to take the lion’s share, at a cost to consumers.The big Australian banks also need to retain sufficient capital to meet new regulator-imposed requirements being imposed in Australia and New Zealand, where they also operate.Many of the wealth management, insurance and financial planning units divested by big Australian banks in recent years were profitable but breeding grounds for unethical behavior, exposed in part by the inquiry.”All that happens through this is that everything just gets pushed back to the four major banks,” said White.

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