westpac

Policy & Regulation

How investors exited Westpac share plan

Westpac’s AUSTRAC issues saw 3,390 people exit its latest share purchase plan at a cost of $68 million....

Financial planning

Westpac reversal over offshore jobs a ‘win for common sense’

Westpac has decided it will not offshore 16 personal banking service centre jobs to Manila....

Funds management

Has the Austrac scandal affected funds with high Westpac allocations?

In the wake of its money-laundering scandal, most funds that had a high allocation towards the bank managed to recover losses indicating the resilience of big banks....

Financial planning

Westpac appoints board financial crime committee

Westpac has announced the appointment of a board financial crime committee and Promontory Financial Group to undertake financial crime program review and external account...

Financial planning

Westpac offers SPP withdrawal option

Westpac has announced it will provide a share purchase plan withdrawal option for SPP applicants who applied for the plan prior to the AUSTRAC announcement made earlier t...

Policy & Regulation

Ex-Westpac, Commonwealth FP adviser banned

Peter Jianchao Xu has been banned by the Australian Securities and Investments Commission for failing to comply with best interests duty....

Financial planning

Hartzer to exit Westpac

Both the chairman and chief executive of Westpac are exiting in the wake of the AUSTRAC fiasco....

Policy & Regulation

Bonuses withheld at Westpac

Westpac has withheld the bonuses of its most senior executives and some of its general management until it determines who should be held accountable for its alleged AUSTR...

Financial planning

Westpac’s rating unaffected by money laundering proceedings

Fitch Ratings has said that the AUSTRAC proceedings brought against Westpac were credit negative, but will not have an immediate impact on its ratings....

Financial planning

Systems, not planners to blame for fee for no service

Westpac chief executive, Brian Hartzer has acknowledged that it was the bank’s systems rather than advisers which represented the major cause for fee for no service....

Financial planning

Pendal feels adviser dislocation impacts

Former bank-owned investment managers are feeling the fallout from financial adviser dislocation in the form of significantly reduced fund inflows....

Financial planning

The multi-million dollar reasons Westpac exited wealth

The Westpac full-year result has starkly revealed the multi-million dollar reasons the big banking group chose to substantially exit wealth management, with BT Panorama a...

Funds management

Funds with large Westpac holdings perform well

Funds with large Westpac exposures managed to avoid taking a hit to their performance despite a hard year for the bank and a low-growth environment over the past year....

Financial planning

Westpac profit hit by remediation and planning exit

Westpac’s net profit dropped 16% during FY16 thanks to customer remediation and a reduction in wealth and insurance income....

Policy & Regulation

FASEA funding drying up

The exit of the major banks means the original funding source for the Financial Adviser Standards and Ethics Authority will mostly dry up in May next year with advisers t...