westpac

Funds management

Westpac third most fined bank in the world

Only two US banks were fined more than the Australian bank during 2020, with anti-money laundering breaches being the most common cause worldwide....

Funds management

Days of reliable bank dividends ‘long gone’

Westpac should generate strong profits as loan losses fall, cash rates begin to rise, and cost savings are achieved, according to Morningstar....

Funds management

Retail investors turn back on Westpac

Westpac Banking Group was the most-sold shares in September with $21 million being withdrawn by retail investors, along with Qantas and Flight Centre....

Outsider

It ain’t no spoof, JP Morgan has trumped Westpac in the penalty stakes

Outsider reckons the guys over at Westpac can relax a little over the record penalty they paid as a result of the bank’s AUSTRAC infringements because JP Morgan Chase and...

Financial planning

Westpac’s agreement with AUSTRAC has no ratings impact

According to Fitch Ratings, Westpac’s agreement with AUSTRAC will have no impact on the bank’s ratings as the risk and governance shortcomings have been already factored ...

Policy & Regulation

Westpac agrees to record $1.3b AUSTRAC penalty

Westpac has broken new ground, agreeing with AUSTRAC to go to the Federal Court for acceptance of a $1.3 billion penalty relating to its AMLCTF breaches....

People & Products

Westpac adds to board

Michael Hawker has been appointed as an independent non-executive director to the Westpac board....

Financial planning

Fitch still negative on Aussie banks

Fitch Ratings has maintained its negative outlook on the ratings of Australia’s four largest banks: ANZ Group, Commonwealth Bank of Australia, NAB and Westpac. ...

Financial planning

Guidance produced on climate change impact in joint venture

Collaboration between climate scientists and finance firms like NAB, Westpac and the Commonwealth Bank has produced guidance on assessing the physical risks of climate ch...

Financial planning

Some advisers look to industry funds as platform alternative

As platform migrations and consolidation occur, new data is pointing to a still small but growing number of advisers choosing to use industry funds. ...

Policy & Regulation

ASIC backs off on AUSTRAC action against CBA

The Australian Securities and Investments Commission has signalled it will not be pursuing the Commonwealth Bank over possible AUTRAC-related violations of the Corporatio...

Superannuation

How an industry fund has piled in on an AMP class action

A major industry superannuation has confirmed its involvement as a party in class actions against AMP Limited, the Commonwealth Bank and Westpac....

Financial planning

Six instos to pay $1.05bn in FFNS compensation

Six of Australia's largest banking and financial services institutions have offered a total of $1.05 billion in compensation, as at 30 June 2020, to customers who suffere...

Funds management

Dividend pay outs lowest since GFC

Australia had the greatest impact in the Asia region for its decline in dividend pay outs, with Westpac accounting for three-fifths of the decline in Asia. ...