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Financial Services

CBA denies AUSTRAC class action liability

Commonwealth Bank has denied liability in a shareholder class action alleging it breached continuous disclosure obligations with its handling of an Australian Transaction Reports and Analysis Centre investigation into its compliance with money-laundering and terrorism-funding laws.

Five-year ban for Perth adviser

The corporate watchdog has banned Perth-based financial adviser Philip Leake from providing financial services for the next five years after he was found to have given poor advice to a number of clients.

CEO lunch with Mike Edmonds

A new book by Meerkats co-founder Mike Edmonds, Truth, Growth, Repeat, expounds a business philosophy influenced by four decades of advertising industry experience, good and bad.

WA Super merger completed

WA Super has finalised its merger with fellow local superannuation fund Concept One, with the pair combining to form a $3.4 billion fund with more than 60,000 members.

Fiona Drummond to lead EY

EY has named Fiona Drummond as its next managing partner in Western Australia, making it the second of the big four accounting firms to have a female heading its Perth office, and only the sixth out of 86 accounting firms listed on the BNiQ Search Engine.

Banks edge closer to instant payments

Three of Australia's big four banks have begun rolling out their new $1 billion payment system that allows customers to transfer funds between rival institutions in near real-time.

Banks, brokers get a taste for WA wine

If WA’s wine industry isn’t exactly booming today, it could be a different story soon.

Crypto raising a Discovery process

A Perth corporate advisory firm is acting as lead manager to raise $US15 million for an Australian cryptocurrency that will make it easier for banks to verify the sources of payments they receive from the growing digital cash market.

Servtech CEO resigns

Tech firm Servtech Global Holdings has announced the resignation of chief executive Brett Quinn, while appointing company secretary Derek Hall as a non-executive director and Simon Ingleson as general manager.

NAB earnings dip in Q1 as costs rise

National Australia Bank's cash earnings have slipped 1 per cent as expenses have risen partly due to the lender's increased spend on infrastructure and job cuts.

Big banks under pressure

Australia’s major banks are under mounting pressure today, with a draft report from the Productivity Commission raising doubts about competition levels as regulators apply more scrutiny to three of the 'big four'.

Bankwest nets $339m in half year

Bankwest has recorded a $339 million net profit for the first half of the financial year, fuelled by solid income growth and flat expenses, along with lower loan impairments compared to 2016.

The computer made me do it

The rise of robo investment advice will prompt those with long memories to recall what happened last time computer algorithms were used to manage investments.

CBA promotes from ranks to make Comyn CEO

Commonwealth Bank has turned down the chance to signal a fresh start at the scandal-hit lender, instead promoting insider Matt Comyn to "rebuild trust" as its new chief executive.

Investors focus on Quintis projects

The Quintis insolvency could play out very differently from other failed agribusiness investment schemes.

Cashies boss to rebuild cred

One year into his new job, Cash Converters chief executive Mark Reid is on a culture change journey.

Tech, training key for Success

SPECIAL REPORT: Technology and a greater emphasis on strategic advice are how one local accounting franchise hopes to brace for changes in the professional services sector.

Forrest gains $249m

Fortescue Metals Group founder and chair Andrew Forrest has seen his stake in the miner increase $249 million in value over the past four weeks, according to data on directors’ shareholdings tracked by Business News.

Euroz flags profit dip

Financial services company Euroz says it expects a small dip in half-year profits, with a strong contribution from its funds management operation offset by a significant reduction in corporate finance deals.

Goldfields takes Finsure merger

Kalgoorlie-based bank Goldfields Money has agreed to a scrip-based merger with mortgage aggregator Finsure, valuing the combined group at $97.5 million.

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