Hayne attacks finance sales culture, Napoleon Perdis stores close, and more top news

The news Australian professionals are talking about now, curated by LinkedIn’s editors. Join the conversation in the comments below.

Borrowers could now be forced to pay upfront fees to mortgage brokers. Australia's government on Monday said it would take action on all 76 recommendations made by Commissioner Kenneth Hayne following the banking royal commission, which includes removing commissions currently paid to brokers who arrange loans. Meanwhile, other key recommendations include referrals for potential criminal charges related to a "fees for no service" scandal, as well as compelling financial planners to seek their clients' agreement every year if they are charging ongoing fees.

More than half of Napoleon Perdis' 56 stores will be closed immediately, as administrators try to restructure or sell the Australian makeup business. Napoleon Perdis last week became the latest in a long list of Australian retail brands to enter administration, with documents now showing it was close to insolvency for almost a year before collapsing. Napoleon Perdis’ eponymous founder said closing the 28 stores was the best way to continue trading, after earlier lamenting that landlords had refused to reduce rent or let him out of leases.

There is a shortlist of candidates for the vacant ABC chair position. According to Fairfax Media, the prime minister has been given a list of three names, after former chair Justin Milne left the national broadcaster shortly after the former managing director, Michelle Guthrie, claimed he told her to fire journalists who were unpopular with the government. According to the report, a decision could be made this month. Meanwhile, Fairfax said current acting chair Kirstin Ferguson did not apply for the permanent role.

Eight women dominate the boards of Australian companies. Analysis by governance firm Ownership Matters shows there are nine directors (paywall) who have seats on the boards of four ASX200 companies — more than any other company directors — and eight of them are women. This comes after corporate Australia reached a key gender diversity target, with nearly 30% of ASX200 board seats held by women. Still, the Australian Institute of Company Directors said close to 70% of female directors hold only one board seat.

A Sydney-based AI interview startup received a boost. According to the Australian Financial Review (paywall), Westpac-owned venture capital fund Reinventure and Singaporean fund Qualgro will provide $1.5M to Curious Things, and Westpac will trial its AI job interview product — which has already been used by the CSIRO — in some areas. The AI software asks candidates open-ended questions through a Skype-style audio call, which can replace the initial phone interviews hiring managers often perform. Curious Things said that this can reduce the time to hire by 60-90%.

Idea of the Day: Ambition is the desire to achieve, while aspiration is a yearning to grow, says Capital One’s Katya Andresen.

“I've been better served by aspiration… When I've been aspirational, I've focused on whom I might become.”

What's your take on today’s stories? Share your thoughts in the comments.

— Ben Collins