NAB

Funds management

Fee waivers provided due to the COVID-19 pandemic, reduced transaction volumes due to the pandemic, along with increased expenses and credit impairment charges contribute...

Funds management

Macquarie outpaces rivals with $583 billion AUM

Macquarie Group has ranked as the largest asset manager in Australia with US$412 billion ($583 billion), significantly greater than its nearest rival....

Policy & Regulation

NAB hit with $15 million civil penalty over loan introducers

In a decision which has implications for other sections of the financial services industry, the Federal Court has imposed a $15 million penalty on National Australia Bank...

Life/Risk

MLC Life doesn’t want tech challenges to impact adviser remuneration

MLC Life’s new chief of life insurance, Sean McCormack, has acknowledged the adverse impacts of the company’s technology changes but says the company is accepting its res...

People & Products

MLC CEO to leave

Geoff Lloyd will leave MLC after two years at the helm following the recent sale agreement with IOOF....

Financial planning

Fitch still negative on Aussie banks

Fitch Ratings has maintained its negative outlook on the ratings of Australia’s four largest banks: ANZ Group, Commonwealth Bank of Australia, NAB and Westpac. ...

Financial planning

Adviser exits only modestly offset by provisional adviser entrants

The exodus continues among financial advisers offset in a small way by a modest but growing number of provisional advisers. ...

Superannuation

NAB super entities hit by $57.5 million court penalties

National Australia Bank super entities NULIS and MLC Nominees have been hit by Federal Court penalties out of an Australian Securities and Investments Commission action o...

Funds management

BNPL may have hit ceiling

Buy now, pay later stocks like Afterpay, Sezzle and Zip may have hit their ceiling as increased competition from established financial firms enter the market....

Financial planning

Guidance produced on climate change impact in joint venture

Collaboration between climate scientists and finance firms like NAB, Westpac and the Commonwealth Bank has produced guidance on assessing the physical risks of climate ch...

Features

InFocus: How IOOF has purchased scale and leadership

IOOF’s acquisition of MLC Wealth has confirmed the multi-billion dollar exit of the major banks from wealth management in Australia at the same time as handing the firm s...

Financial planning

How IOOF has purchased scale and leadership

IOOF’s acquisition of MLC Wealth has confirmed the multi-billion dollar exit of the major banks from wealth management in Australia at the same time as handing the firm s...

Financial planning

IOOF confirms MLC Wealth acquisition

Its official. IOOF will acquire MLC Wealth but will not carry remediation costs....

Financial planning

Six instos to pay $1.05bn in FFNS compensation

Six of Australia's largest banking and financial services institutions have offered a total of $1.05 billion in compensation, as at 30 June 2020, to customers who suffere...