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Financial Services

JPMorgan chair off ASX, Future Fund boards

JPMorgan Australia chairman Robert Priestley has quit the ASX and Future Fund boards as a criminal case progresses against ANZ bank over a capital raising underwritten by the investment bank.

Asic pursues Westpac over former adviser

Australia's corporate watchdog has started legal action against Westpac over poor financial advice provided by one of the bank's former financial planners, Sudhir Kumar Sinha.

Finance squeeze shifts focus

SPECIAL REPORT: Developers are exploring alternative funding methods due to a tough property market and tight lending conditions.

AMP faces fourth shareholder class action

AMP has been hit with a fourth shareholder class action over the scandals revealed at the Financial Services Royal Commission and the resulting damage to the embattled financial giant's market value.

Former Perth financial adviser cops five-year ban

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

ANZ facing action over $2.5bn placement

ANZ is facing criminal charges over alleged cartel conduct related to a $2.5 billion share placement, while two of the underwriters to the deal, Citi and Deutsche Bank, also received notice of charges.

MYOB ditches $180m Reckon acquisition

Software group MYOB has dumped a $180 million deal to acquire the Australian and New Zealand assets of Reckon's Accountant Group after discovering new information about the company and its competitors.

Money managers face trust deficit

Opinion: Federal government inquiries are shaking the superannuation tree. What will be interesting is how the different players respond.

Cashies in $40m raising

Cash Converters International has boosted its coffers with a $39.5 million capital raising, with the proceeds set to strengthen the company’s balance sheet and be used to reduce debt.

Bankwest 'failed to act on early warnings'

Bankwest was overly optimistic about its business loans and failed to act on early warning signs of problems, the banking royal commission has heard

Cashies pays $650k over debt collection issues

Perth-based Cash Converters International has made a $650,000 settlement payment in relation to concerns over its debt collection practices, as the company transitions the process to a specialist third party.

CBA sells Chinese insurer stake for $668m

Commonwealth Bank has agreed to sell its stake in Chinese life insurer BoComm Life for $668 million.

Perth crypto innovators crack the code

A series of new blockchain plays and a growing assortment of associated businesses highlight how the new asset class is sparking entrepreneurship in Perth.

Retractions spike highlights compliance, policing

There has been a big increase this year in the number of ASX-listed companies, primarily junior explorers in WA, forced to retract announcements.

ABN appoints CEO, new bank partner

Dale Alcock’s ABN Group has recruited former Arrium managing director Andrew Roberts as its chief executive, while announcing Bankwest as its new banking partner, after nearly 40 years with ANZ.

Asic hands down lifetime ban to Perth broker

A former Perth-based insurance broker has been permanently banned from the financial services industry by the corporate watchdog for misleading, deceptive and dishonest conduct.

Bigger better no more

Opinion: The current banking royal commission and global shift to downsizing are raising questions as to whether any institution or business is too big to fail, or at least be broken up.

AMP rejects criminal charge recommendation

AMP has revealed almost 16,000 of its customers paid fees for financial advice they did not receive, while arguing it "strenuously denies" recommendations it face criminal charges over the scandal.

The cost of complacency

Will financial services companies wish they had taken a different path all those decades ago, when superannuation nest eggs looked so attractive?

Changes coming, you can take that to the bank

The banking royal commission’s exposure of shady practices will no doubt lead to calls for change, but perfect solutions are hard to find.

Solar/crypto project for Collie

Collie could soon be home to a 20 megawatt solar farm and cryptocurrency 'mining' operation, after the Southern Development Assessment Panel recommended approval for a project led by energy entrepreneur Ben Tan.

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