Commonwealth Bank has launched a business loan promotion, Business Boost Loan, offering up to A$100,000 of unsecured finance for two years at zero interest and with a three-month repayment holiday. The loan is available to existing customers via the bank’s BizExpress online platform. Customers must meet the eligibility criteria of the Government SME Recovery Scheme. While there is no interest payable, the bank will charge a $200 fee for every $5000 borrowed. The Australian Financial Complaints Authority has hired Prue Monument as its general manager of code compliance and monitoring. She is also the new chief executive of the Banking Code Compliance Committee. Monument is moving to AFCA from the Tertiary Education Quality and Standard Agency, where she was executive director, quality assurance and regulatory operations. Beyond Bank is piloting a financial wellbeing app, which will draw on open banking data, and plans a full launch of the product early next year. The bank has partnered with opening banking service provider Frollo to develop the app, which will give customers a full view of their finances. The bank has been accredited as a consumer data right data recipient since September. John McDermott has been elevated to the new role on the RBNZ’s expanded senior leadership team of Assistant Governor/General Manager – Digital Solutions and Security. McDermott has been Acting Asst Governor/GM of Business Operations since April, and first joined the RBNZ in 2019. The press release didn’t address the elephant in the room, which is that he is NOT the John McDermott who was the bank’s former chief economist who left in 2018.  The RBNZ is seeking feedback on the future of cash in New Zealand, and yesterday released a new issues paper, Future of Money – Cash System Redesign, outlining 16 possible policy responses to make the cash system more ‘fit for purpose’. It wants submissions on the suggestions, including who should pay the costs of the cash system. “Some of the policies raised for further consideration suggest a rebalancing of costs towards banks ... this is as much a social licence argument about banks’ relationships with their customers as it is an economic argument”, it says. Feedback is due by 7 March next year.