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WESTPAC
Funds management
Westpac has confirmed the potential sale of the Asgard and BT Panorama platform is still a consideration as funds under administration on BT Panorama declines 8%....
People & Products
PEXA has hired a former Westpac executive as its group chief operating officer....
Life/Risk
Westpac has completed the sale of Westpac Life Insurance Services Limited to TAL but expected to report a total after tax loss on sale of $1.37 billion....
Funds management
Australia’s four major banks have delivered $14.4 billion in combined headline cash earnings for the 2022 half year, up $700 million or 5.1% from 2021 half year results....
Expert Analysis
General advice may help you reach a broader audience, but personal advice provides a better way to meet client needs and manage compliance risk, writes Steve Davison....
Policy & Regulation
Westpac has been ordered to pay penalties of $113 million for compliance failures in banking, superannuation, wealth management and insurance....
Policy & Regulation
Westpac-subsidiary BT Funds Management has been fined $20 million for incorrectly charging commission payments to certain superannuation fund members....
Financial planning
Westpac has reduced headcount by more than 1,100 people in the past quarter, contributing to a $191 million decline in expenses, as it brings forward its simplification p...
Financial planning
In an unprecedented move, the corporate regulator has launched multiple civil penalty proceedings again the bank for matters including fee-for-no-service for deceased cus...
Funds management
Australia remains a key market for Pendal with its Australian funds experiencing record inflows as it explores bringing global products to the region....
Funds management
The big four bank expects its remediation program related to financial advice is “largely finalised” although it has provision to pay out a further $1.14b in total remedi...
Funds management
Shareholders of ANZ, NAB, and Westpac have lodged resolutions calling on the banks to stop funding new fossil fuel projects as the banks have continued to undermine net z...
Features
Although seemingly having good intentions for the public, Chris Dastoor writes, political battle lines have taken priority in the common ownership inquiry....
Superannuation
Accused of being the power brokers behind the ousting of former Westpac chief executive Brian Hartzer, a Parliamentary enquiry has questioned two of the big four banks wh...
Financial planning
The two banks will be probed by a parliamentary committee on its Royal Commission recommendation implementation progress along with implications of common ownership and c...
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MARKET INSIGHTS
Podcast
This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...
Interesting. Would be good to know the details of the StrategyOne deal....
It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...