Fitch Ratings has assigned ratings to Q Card Trust's issuance of NZ$150 million across seven floating-rate notes. The transaction is an asset-backed securitisation programme of credit card receivables featuring a multiclass structure that will purchase eligible receivables from subsidiaries of the seller, Flexi Cards Limited, on a revolving basis. Proceeds of the issuance will used to refinance the redemption of outstanding notes from the same issuer (that is, a tranche of class A Series 2014-3 notes) and to purchase additional receivables. The top two classes of notes, totalling NZ$118 million, have both been assigned AAAsf ratings. Flexi Cards is part of FlexiGroup NZ, a wholly-owned subsidiary of ASX-listed Flexi Group. Non-bank finance group Chifley Securities expects consolidation in the private lending market as a result of increased competition and tighter lending controls. Over the last year Chifley has adopted an aggregation division to provide access to funds for larger, prominent broking firms finding it more difficult to gain funding from the major lenders for their clients and have limited access to private lenders. "There are large groups across the property sector now off-limits to major lenders, despite the fact that many of the projects are viable and backed by strong equity and balance sheets," said Chifley Securities principal, Dominic Lambrinos. His firm lifted its lending to developers and landowners from A$1.45 billion to $2 billion in the 2017/18 financial year. In a media release, Chifley reported the number of its private lenders rose by 40 per cent to 165 during the year. The banking royal commission has released a report by the corporate regulator that the National Australia Bank tried to keep secret, the ABC and other news sources are reporting. ASIC said it suspects that NAB and its related entities have committed numerous contraventions of several sections of the Corporations Act. ASIC said in the report the law breaches concerned NAB charging fees for services not provided and fees to deceased estates. The extent and sheer number of the suspected breaches indicate "a systemic failure of fundamental controls within the NAB group", the ABC reported. The executive general manager of CBA's Colonial First State Linda Elkins, in course of giving evidence about a range of conflicts within the bank's superannuation trustee business, has admitted charging dead customers for financial advice from as far back at 2015, the AFR reports. Rather than admitting the error, the Commonwealth Bank's superannuation trustee, Avanteos Investments Limited, considered covering its tracks by updating its product disclosure statement to allow it to extract fees from deceased estates, while a suggestion to cap the fees at three months was never implemented, the Hayne royal commission heard.