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WESTPAC
Financial planning
The bank’s chief executive told its annual general meeting that it would recruit 200 people in compliance and financial crime areas....
Life/Risk
Lowers sales through advice channels have helped contribute to life/risk new sales reaching a five year low, according to new data released by Dexx&r....
Policy & Regulation
Westpac’s AUSTRAC issues saw 3,390 people exit its latest share purchase plan at a cost of $68 million....
Financial planning
Westpac has decided it will not offshore 16 personal banking service centre jobs to Manila....
Funds management
In the wake of its money-laundering scandal, most funds that had a high allocation towards the bank managed to recover losses indicating the resilience of big banks....
Financial planning
Westpac has announced the appointment of a board financial crime committee and Promontory Financial Group to undertake financial crime program review and external account...
Financial planning
Westpac has announced it will provide a share purchase plan withdrawal option for SPP applicants who applied for the plan prior to the AUSTRAC announcement made earlier t...
Policy & Regulation
Peter Jianchao Xu has been banned by the Australian Securities and Investments Commission for failing to comply with best interests duty....
Financial planning
Both the chairman and chief executive of Westpac are exiting in the wake of the AUSTRAC fiasco....
Policy & Regulation
Westpac has withheld the bonuses of its most senior executives and some of its general management until it determines who should be held accountable for its alleged AUSTR...
Financial planning
Fitch Ratings has said that the AUSTRAC proceedings brought against Westpac were credit negative, but will not have an immediate impact on its ratings....
Financial planning
Westpac chief executive, Brian Hartzer has acknowledged that it was the bank’s systems rather than advisers which represented the major cause for fee for no service....
Financial planning
Former bank-owned investment managers are feeling the fallout from financial adviser dislocation in the form of significantly reduced fund inflows....
Financial planning
The Westpac full-year result has starkly revealed the multi-million dollar reasons the big banking group chose to substantially exit wealth management, with BT Panorama a...
Funds management
Funds with large Westpac exposures managed to avoid taking a hit to their performance despite a hard year for the bank and a low-growth environment over the past year....
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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?...