Big four banks

Funds management

Financial services firms left stranded by Optus outage

AMP and Commonwealth Bank is among multiple financial services companies left unable to fully function after an Optus outage hit nationwide....

Funds management

ASIC commences civil penalty proceedings against Westpac

The corporate regulator has commenced civil penalty proceedings against Westpac for failing to respond to 229 customer hardship notices within the required time limit....

Financial planning

AIOFP flags stealth re-entry of banks to advice

Noting that some QAR recommendations make it “less legally onerous” for banks to provide advice, the industry association said it suspects a lingering interest from these...

Funds management

Big banks bolster bottom lines but pressures persist

Higher interest rates have helped deliver a 10 per cent boost to the major banks’ collective earnings, but weakening economic activity and heightened competition have dim...

Financial planning

Will banks return to wealth management?

There is an estimated $3.7 trillion opportunity for the big four banks to return to wealth management and with the Quality of Advice Review focusing on digital advice, th...

Funds management

Challenges ahead for Big Four banks

The Big Four banks have reported combined cash earnings of $28.5 billion but signs are pointing towards challenging conditions, according to EY and KPMG....

Policy & Regulation

Govt failing to hold exiting institutions to account

Many in the Senate chamber have acknowledged big corporations – the big four banks, AMP and insurance companies – have not been held to account by Royal Commission legisl...

Expert Analysis

The argument for remutualising Australia

Demutualisation of insurers has led to a destruction of value, writes Michael Pillemer, so remutualising could be a valid idea to rebuild consumer trust....

People & Products

ANZ board appoints former CFSGAM executive

ANZ has appointed former Colonial First State Global Asset Management executive, Christine O’Reilly, as a non-executive director, bringing the firm’s female board represe...

Financial planning

Industry exit no excuse to avoid regulatory costs

The ‘big end of town’ which caused the regulatory burden should be forced to pay their share of levy costs, according to The Advisers Association, even if they have left ...

Funds management

ANZ buyback presents optimistic bank dividend outlook

As ANZ announces a $1.5 billion on-market buyback, this was a “strong indicator” that bank dividends could continue to rise for the next 12 to 24 months, according to Pla...

Funds management

Investors move overweight on cyclical banks: BofA

Seeking cyclical exposure, investors have moved to be most overweight to the banking sector for the first time since May 2018, according to Bank of America. ...

Funds management

Financials underweight paves way for double-digit gains

Holding a low weight to financial stocks is the common denominator between those Australian equity funds which have reported double-digit gains over the past year. ...