Westpac served with class action
Westpac Banking Corporation has been served with a class action by law firm Phi Finney McDonald on behalf of shareholders affected by the AUSTRAC money-laundering scandal.
In an announcement to the Australian Securities Exchange (ASX), Westpac said the shareholders were those who acquired an interest in Westpac securities between 16 December, 2013 and 19 November, 2019 (inclusive).
“The claim relates to market disclosure issues connected to Westpac’s monitoring of financial crime over the relevant period and matters which are the subject of the recent AUSTRAC proceeding,” the announcement said.
“The claim does not identify the amount of any damages sought.
“Westpac will be defending the claims.”
Recommended for you
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.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.