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Shares of Australian banks jumped on Wednesday after financial advisory firm Bell Potter placed a “buy” rating on all four of the country’s top lenders for the first time since the global financial crisis of 2007-08.
The brokerage’s buy call comes after the Australian Prudential Regulation Authority (APRA) said on Tuesday that from next year banks need not hold a portion of their profit back, giving the green signal to higher dividends.
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Suncorp said it had raised the ASIC data with Asteron Life and had been “given comfort the statistics presented were not indicative of the experience of members of the Suncorp Master Trust (SMT)”.
What is more it said it did not believe the current TPD definition for SMT members has been a major concern to membership” with insurance-driven complaint volumes driven by the impacts of Protecting Your Super and Putting Members Interest First changes.
“Members are routinely referred to the disclosure material in fund welcome packs, insurance commencement letters, annual statements, and insurance-change communications. The SMT insurance policies and product disclosure materials include eligibility terms which outline members must be gainfully employed for a minimum of 15 hours or more each week in order to claim against the “occupational” TPD definition,” it said.
ANZ warns economic struggles will continue into 2021 due to global pandemic news.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from news.com.au Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
Dec 16 (Reuters) - Shares of Australian banks jumped on Wednesday after financial advisory firm Bell Potter placed a “buy” rating on all four of the country’s top lenders for the first time since the global financial crisis of 2007-08.
The brokerage’s buy call comes after the Australian Prudential Regulation Authority (APRA) said on Tuesday that from next year banks need not hold a portion of their profit back, giving the green signal to higher dividends.
Commonwealth Bank of Australia rose to a near 10-month peak, while shares of Australia and New Zealand Banking Group, Westpac, and National Australia Bank were set for their best session since Nov. 25.
The moves have prompted a furious backlash from Nationals MPs who want a new coal-fired power station in north Queensland, with some even calling to boycott banks including ANZ.
Christensen, who has denied the link between climate change and the severity of natural disasters, wants the committee he chairs to set up an inquiry to grill financial regulators – the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority – and banks over plans to pull back on lending or insuring mining projects because of climate change.
Frydenberg reportedly told the Sydney Morning Herald: “It is only appropriate that the parliament be able to examine trends in banking, insurance and superannuation investment practices and how they may affect our resources sector and the regions in which they are based.”