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WESTPAC
Financial planning
Unemployment in Australia could reach 11% by June, according to Westpac chief economist Bill Evans, up from its original forecast of 7%, in light of the “extraordinary ti...
Funds management
There have been mixed results for major listed financial groups in terms of volatility caused by COVID-19 with banks suffering least while firms such as OneVue and Challe...
Features
Mike Taylor writes that the services of experienced financial advisers have never been in greater demand as clients attempt to come to terms with the market volatility be...
Policy & Regulation
Westpac has been served with a class action by Johnson Winter and Slattery related to market disclosure issues connected to AUSTRAC proceedings....
People & Products
John McFarlane will be the new chair of the Westpac board while current chair, Lindsay Maxsted, and board member, Anita Fung, will retire....
Financial planning
The Australian Securities and Investments Commission had staff on-site at the major banks and AMP for 216 days during October 2018 and December 2019....
Funds management
Commonwealth Bank of Australia has retained its spot as one of the world’s biggest dividend payers, although it has fallen from 15th place in 2018 to 20th last year. ...
Financial planning
Compensation paid by the six largest banking and financial services institutions for fee-for-no-service and non-compliant advice is at $749.7 million, according to the co...
People & Products
Former ANZ Group chief executive, John McFarlane has been announced as the chair-elect of Westpac and will be responsible for appointing the bank’s next chief executive....
Superannuation
A leading plaintiff law firm has called for employers to be placed under a legal obligation to select the right default superannuation fund for their employees at the sam...
Financial planning
The bank has appointed Colin Carter to the review panel while a man has been charged for using Westpac’s transfer system to pay for live-streamed child abuse videos in so...
Financial planning
The Federal Court has imposed penalties amounting to $9.15 million on Westpac because of its failure as a licensee with respect to poor financial advice provided by a for...
Financial planning
The Australian Prudential Regulation Authority’s announcement of an increase to Westpac’s capital charge and the commencement of an investigation into possible breaches o...
Financial planning
The class action by shareholders relates to market disclosure issues that are subject of the AUSTRAC money-laundering scandal....
Financial planning
The authority has increased the bank’s capital requirement to $1 billion and will focus on directors and senior managers that breached the Banking Act in relation to the ...
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MARKET INSIGHTS
Podcast
Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...
It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...
So we are now underwriting criminal scams?...