|Bid||5.52 x 0|
|Ask||5.23 x 0|
|Day's Range||5.11 - 5.25|
|52 Week Range||4.20 - 9.60|
|Beta (3Y Monthly)||1.53|
|PE Ratio (TTM)||10.30|
|Earnings Date||Aug 26, 2019|
|Forward Dividend & Yield||0.53 (10.04%)|
|1y Target Est||5.02|
A special government-appointed inquiry excoriated Australia's financial sector for misconduct on Monday, referring two dozen cases to regulators for possible legal action but leaving the structure of the country's powerful banks in place. Regulators will be subjected to a new oversight body and the financial industry's pay will be overhauled to remove conflicts of interest, according to the recommendations of the so-called Royal Commission. The recommendations come after the public inquiry heard 11 months of shocking revelations of the financial industry's wrongdoing, including that fees were charged to the accounts of dead people and that cash bribes were paid over the counter to win mortgage business, wiping A$60 billion from the country's top finance stocks.
Australia's corporate and prudential regulators must undergo regular, rigorous assessments under an independent oversight body, a powerful review of the country's banking sector recommended in its long-anticipated final report on Monday. The move, aimed at strengthening the accountability of the country's two main regulators, comes after the year-long review found many instances of lax oversight or inadequate responses to poor conduct by financial services providers. In the 496-page document, Commissioner Kenneth Hayne said the new body, independent of the government, will have sweeping powers to conduct inspections of either regulator at will, issue notices to them to produce documents and deliver regular reviews.
Australia's prudential regulator is looking to disqualify five top IOOF Holdings executives, including the firm's CEO, for failing to act in their customers' interests, marking its first such intervention against existing company officials. The news sent shares of the wealth manager into a tailspin, down 36 percent, and cast a shadow on IOOF's $705 million deal to buy Australia and New Zealand Banking Group's pension business.