The MFAA has announced the resignation of Siobhan Hayden as its chief executive officer... Potential penalty in Australia rate cases dwarfed by bank profit...
MFAA CEO steps down
The Mortgage and Finance Association of Australia (MFAA) CEO Siobhan Hayden, has resigned from her role due to strategic differences with the Board.
“I’d like to thank the Board for the opportunity and the support they have given me, and to thank the members who are the lifeblood of this organisation,” Hayden said.
“I’m proud of what I’ve achieved in the role and think the mortgage broking industry is well positioned into the future.”
While the association looks for a new CEO, Stephen Bisgrove, Evan Thomas and Stephen Hale will share the leadership of the organisation with a ‘business as usual’ brief to minimise disruption.
The MFAA announced in April that it had cancelled its ‘Darwin and Beyond’ event set to take place in June due to lack of interest but added a new Asia-Pacific stream at Broker 2020 for brokers who are looking to gain an insight in the region.
Potential penalty in Australia rate cases dwarfed by bank profit
(Bloomberg) -- Three of Australia’s largest banks face maximum potential penalties of A$231 million ($173 million) if they lose civil suits related to alleged rigging of an interest rate benchmark, a fraction of their combined first-half profits of A$10 billion.
The Australian securities regulator has filed separate legal actions against Australia & New Zealand Banking Group Ltd., National Australia Bank Ltd. and Westpac Banking Corp., alleging the lenders profited by manipulating the bank bill swap rate, a key Australian interest rate benchmark. The lenders have denied any wrongdoing and vowed to defend the suits, which resume next week in Melbourne.
If they lose the cases, the maximum penalty would be calculated based on the regulator’s claim in court filings that the three banks tried to profit on a total of 110 separate occasions when traders allegedly attempted to manipulate the BBSW, according to a Pamela Hanrahan, a professor at University of New South Wales Business School and a former special counsel at the Australian Securities & Investments Commission.
The alleged offenses at the three banks happened between March 2010 and December 2012, according to the claim by ASIC.
The Mortgage and Finance Association of Australia (MFAA) CEO Siobhan Hayden, has resigned from her role due to strategic differences with the Board.
“I’d like to thank the Board for the opportunity and the support they have given me, and to thank the members who are the lifeblood of this organisation,” Hayden said.
“I’m proud of what I’ve achieved in the role and think the mortgage broking industry is well positioned into the future.”
While the association looks for a new CEO, Stephen Bisgrove, Evan Thomas and Stephen Hale will share the leadership of the organisation with a ‘business as usual’ brief to minimise disruption.
The MFAA announced in April that it had cancelled its ‘Darwin and Beyond’ event set to take place in June due to lack of interest but added a new Asia-Pacific stream at Broker 2020 for brokers who are looking to gain an insight in the region.
Potential penalty in Australia rate cases dwarfed by bank profit
(Bloomberg) -- Three of Australia’s largest banks face maximum potential penalties of A$231 million ($173 million) if they lose civil suits related to alleged rigging of an interest rate benchmark, a fraction of their combined first-half profits of A$10 billion.
The Australian securities regulator has filed separate legal actions against Australia & New Zealand Banking Group Ltd., National Australia Bank Ltd. and Westpac Banking Corp., alleging the lenders profited by manipulating the bank bill swap rate, a key Australian interest rate benchmark. The lenders have denied any wrongdoing and vowed to defend the suits, which resume next week in Melbourne.
If they lose the cases, the maximum penalty would be calculated based on the regulator’s claim in court filings that the three banks tried to profit on a total of 110 separate occasions when traders allegedly attempted to manipulate the BBSW, according to a Pamela Hanrahan, a professor at University of New South Wales Business School and a former special counsel at the Australian Securities & Investments Commission.
The alleged offenses at the three banks happened between March 2010 and December 2012, according to the claim by ASIC.
