ANZ exec departs
The ANZ Bank executive responsible for overseeing securities lending to failed stockbroking firm Opes Prime has resigned, but has agreed to co-operate with the bank’s ongoing investigation into employee involvement in the Opes Prime debacle.
Chris Cooper, who was the head of ANZ’s working capital division, has left the company citing personal and family reasons.
The head of corporate banking, Vishnu Shahney, will assume Cooper’s responsibilities until a replacement is found.
An ANZ spokeswoman confirmed that the bank’s investigation into whether employees breeched company policies or acted illegally in relation to Opes Prime is “progressing, although there’s still a fair bit to do”.
She said the bank is unsure how long the investigation will take.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.