Westpac fined A$9.15m over poor financial advice
Federal Court of Australia said former adviser breached best interest duties
Westpac
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PEOPLE MOVES: AIA, Carrick Wealth, Deutsche Bank WM
CEO shuffle at Asian life insurer, as group managing director leaves South African wealth firm
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Aussie regulator wins Westpac pensions cold calling case
Bank says it is ‘carefully considering’ the judgment
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Westpac eyes life arm sale
It is the last of Australia’s ‘Big Four’ to do so
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PEOPLE MOVES: Intelliflo, Lombard International, HSBC
Former CEO returns to top job at technology provider and insurer names Swiss director
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Over two-thirds of Australians are worried about being scammed
Westpac has rolled out awareness and protection seminars across the country to improve prevention
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Australia’s big banks pay out A$120m for bad advice
NAB splashed the most cash at A32.4m for cases which involved a record number of 81 financial advisers
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Australian bank’s advice compensation to hurt earnings
The bank said it is ‘determined to fix these issues and stop these errors occurring again’
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Australian bank exits financial advice
The move reflects a ‘trend by advisers to operate independently’
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Aussie bank faces landmark lawsuit over bad advice
Major Australian bank Westpac could face multi-million dollar fines after the country’s financial services watchdog commenced legal proceedings against it over allegations of poor financial advice provided by one of its former employees.
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Bad advice sees Aussie banks pay A$51m
Australia’s five largest banking and financial services institutions have paid a further A$21.4m in compensation to customers who suffered losses because of “non-compliant conduct” by financial advisers, taking the total to A$51.4m (£29m, $41m, €33m). More claims are expected.
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Landmark inquiry begins into Australia’s financial services
Australia has launched a major public inquiry into alleged misconduct in the banking, superannuation and financial services sector.