westpac

Funds management

RBA interest rates hikes expected to pause only in mid-2023

Industry experts are predicting a further December rise in interest rates today, with hikes expected to continue until mid-2023 to address inflationary pressures. ...

Funds management

Westpac prioritises exiting wealth business

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

Former Westpac exec joins PEXA

PEXA has hired a former Westpac executive as its group chief operating officer....

Life/Risk

TAL completes acquisition of Westpac Life business

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

Solid half-year performance from major banks

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

Does general advice play a role in supporting consumers?

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 fined $113m for compliance failures

Westpac has been ordered to pay penalties of $113 million for compliance failures in banking, superannuation, wealth management and insurance....

Policy & Regulation

BT fined $20m for incorrect commission payments

Westpac-subsidiary BT Funds Management has been fined $20 million for incorrectly charging commission payments to certain superannuation fund members....

Financial planning

Westpac slashes headcount in $8b cost-cutting effort

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

ASIC launches six legal actions against Westpac

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

Pendal commits to Australian market

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

Westpac sees reduced uncertainty for remediation programs

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

Banks called out by shareholders on fossil fuel funding

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

InFocus: Common ownership: genuine risk or partisan wedge issue?

Although seemingly having good intentions for the public, Chris Dastoor writes, political battle lines have taken priority in the common ownership inquiry....

Superannuation

Do super funds have too much ‘clout’?

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...