Financial Services

State One to pay $500,000 for market breach

A Perth stockbroking firm has been forced to pay $500,000 after it failed to comply with the corporate watchdog’s market integrity rules.

Asic bans Perth adviser

A former Perth financial adviser has been permanently banned from providing financial services and credit activities, after he was convicted of stealing more than $100,000 from his clients.

Business builders give way to corporate capital

ANNIVERSARY SPECIAL: From those who risked their own capital to the corporate cowboys of WA Inc and the ‘hired help’ of today, WA’s corporate story features many powerful personalities. This article is part of a special series to mark Business News' 25-year anniversary.

Westpac fined $3.3m over BBSW complaint

Westpac has been fined $3.3 million for unconscionable conduct in the way its traders handled a key rate for several years.

APRA proposes hiking capital requirements

Australia's banking regulator wants to further lift banks' capital requirements in order to strengthen the financial system's ability to cope with shocks.

BDO announces new chair

Accounting firm BDO has announced the appointment of Pippa Hobson as chair of the Perth office.

10,000 CBA customers answer CEO letter

More than 10,000 Commonwealth Bank customers have responded to chief executive Matt Comyn's request for feedback on how the bank does business.

Westminster plans expansion with equity investment

Perth-based Westminster Insurance Brokers is confident of future growth after national player Coverforce took a minority stake taken in the business.

Financial adviser ready for change

Troy MacMillan reckons his financial advisory firm is prepared for sweeping changes facing the sector, unlike many of his peers.

Westpac profit flat as compensation bites

Westpac has reported a flat full-year profit of $8.07 billion after customer compensation and legal costs contributed to a weak second half at its consumer and wealth divisions.

Ibaera filling a funding niche

SPECIAL REPORT: West Perth-based fund Ibaera Capital is hoping to plug a funding gap for metals juniors with big projects.

NWQ making volatility work

SPECIAL REPORT: A new, more aggressive fund and the international expansion of its existing conservative strategy will be key to the growth of boutique investment manager NWQ.

Funds grow as dynamic shifts

SPECIAL REPORT: A diverse group of successful wealth management businesses in Perth have good stories to tell in a market likely to face increasing uncertainty.

Loans, WestConnex lift Macquarie profit

Macquarie Group has lifted first-half profit 5.0 per cent to $1.31 billion, helped by increased mortgage lending and its involvement in the NSW government's part privatisation of WestConnex.

NAB full-year profit drops to $5.7bn

NAB's full-year profit has dropped 14.2 per cent to $5.7 billion after the lender booked more than $1.1 billion in restructuring costs and customer remediation.

CBA in $4.13bn Colonial First State sale

Commonwealth Bank will sell its asset management arm to Mitsubishi UFJ Financial Group for $2.9 billion in a surprise sale, the latest business to be sold by an Australian financial giant amid unprecedented regulatory scrutiny.

ANZ FY cash profit slumps 5% to $6.5bn

ANZ has announced its full-year cash profit has dropped 5 per cent to $6.5 billion, as the bank simplifies operations and prepares for customer remediation in the wake of the royal commission.

AMP stocks slump on $3.3bn sell-off deal

Shares in AMP tumbled nearly 20 per cent after the under-fire wealth manager announced plans to sell its Australian and New Zealand wealth protection and mature businesses to London-based Resolution Life for $3.3 billion.

Tech Scene – AtlasTrend

AtlasTrend is a fintech investing platform, which opens up access to active managed investing. Users can invest online in one or more managed funds made up of a portfolio of international shares.

IMF plans $85m raising

Litigation funder IMF Bentham has announced plans to raise up to $84.5 million to establish two new funds and pursue growth opportunities in Europe and Asia.

High mortgage delinquency in Perth

New data from Moody’s shows Perth mortgage delinquency rates are the highest in Australia, despite the capital city also holding one of the highest average incomes in the country.