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Financial Services

Friendly fire to hit bank customers

OPINION: Those among us who are unfamiliar with the term 'collateral damage' are about to learn its meaning first hand, because it is what we have become - innocent victims of bad governance across Australia.

NAB hikes interest-only mortgage rates

National Australia Bank has followed its peers by raising its variable rates for interest-only mortgages in a bid to slow down riskier lending.

Supreme Court upholds 53% loan charge

A Supreme Court dispute between West Perth firm Quantum Credit and a City Beach developer has shone a light on business practices at the risky end of the property finance market. 

Moody's downgrade sinks bank shares

The ASX closed 47 points lower after shares in Australia's big four banks were hit by a long-term credit ratings cut by Moody's, due to risks associated with the local housing market.

AFG upgrades profit forecast

Australian Finance Group announced today its net profit for the current financial year would come in nearly 45 per cent higher than consensus forecasts, after a change in the way its treated certain commission income.

AFG names new CEO

Australian Finance Group has decided to keep its interim chief executive in the role on a permanent basis, after Brett McKeon stepped down in March.

Watchdog bans another Perth adviser

The corporate watchdog has removed another Perth-based financial adviser from the industry, for mishandling payments and deceiving clients.

ANZ shifts rates mix against interest-only

ANZ Banking Group is raising variable rates on its interest-only mortgages by 0.3 percentage points as it reins in riskier lending in response to regulatory changes.

Perth financial planner banned

The corporate watchdog has banned a former Westpac employee from providing financial services after finding he mishandled more than $1 million worth of advice service obligations.

Merchant merges with Somers

Financial services firm Merchant Group has announced plans to merge with investment bank and funds manager Somers & Partners.

NWQ targets overseas business

West Perth-based fund manager NWQ has opened an office in New York as part of the business's first foray into the US market.

CEO lunch with Terry Agnew

Business News sat down to lunch at Julio's with RAC head Terry Agnew to discuss his long career in the sector and the future of motoring.

Pioneer raises $20m as Banksia sells out

Financial services provider Pioneer Credit has raised $20 million from investors to fund the purchase of a $14 million debt portfolio, with long-term shareholder Banksia Capital selling its 9.75 per cent stake at the same time.

Automic seeks efficiencies in the cloud

Perth-based share registry business Automic Registry Services wants to double its market share this year after making a substantial investment in a new cloud-based platform.

NWQ in US expansion, appointment moves

West Perth-based hedge fund NWQ Capital Management has revealed it will be targeting the huge US financial sector with a new offshore fund, on the same day it announced former Bennelong Funds director of consultant relationships Tara Bell would be appointed managing director of research.

RAC partners with health insurer

Royal Automobile Club of WA members will be eligible for a 5 per cent discount on health insurance cover through a new partnership with national provider HCF.

McKeon to step down from AFG leadership

Australian Finance Group chief executive Brett McKeon will step aside after 23 years at the helm of the mortgage broker, after leading the company from its founding to an IPO in 2015 and winning the 2006 EY Entrepreneur of the Year Award for WA.

Euroz beats profit hopes

Stockbroker and funds manager Euroz has beaten expectations for its interim profit result, which was achieved on the back of an improved performance of its Euroz Securities business and increase in the share prices of its listed investment companies.

WHL completes $5m RTO raising

WHL Energy has cleared the way to reinvent itself as a technology business after raising $5 million from investors ahead of its reverse takeover of Perth-based Quantify Technology.

Rubik gets $68m takeover offer

Wyllie Group-backed Viburnum is set to receive a big payout when fintech Rubik Financial, in which it is a substantial shareholder, is acquired by Geneva-based banking and finance software firm Temenos for $68 million.

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