Financial Services

NAB flags additional $525m remediation hit

National Australia Bank says it will cop an extra $525 million after-tax hit through new customer remediation costs, mostly related to its wealth arm.

Perth accountant banned for six years

The corporate regulator has banned a Perth accountant from providing financial services for six years after an investigation found he bought and sold shares for clients so companies could meet the minimum requirement to be listed on the stock exchange.

Mortgage lending hits record low in WA

Housing finance provider Australian Finance Group says lending for homes in the first three months of 2019 in Western Australia has plunged to the lowest level since it began tracking mortgage values in mid-2012.

Sentencing for Perth broker who took client cash

A former insurance broker who admitted funnelling almost $200,000 owed to clients into his own bank accounts has been sentenced to two years and nine months imprisonment.

Deloitte buys Perth-based consulting firm

Deloitte is expanding its Perth change management services, acquiring two new partners and 22 staff from The Terrace Initiative.

AP Eagers seeks $1.84bn merger with AHG

AP Eagers has made a takeover bid for Automotive Holdings Group, which values the struggling West Perth-based car retailer at around $635.4 million.

P&N boss to run merged bank

Perth-based P&N Bank has agreed to merge with its smaller east coast counterpart bcu, creating one of the largest customer-owned banks in Australia with $6 billion of assets.

IOOF MD Kelaher departs beleaguered firm

IOOF managing director Christopher Kelaher has left the business, as the beleaguered wealth manager focuses on restoring trust amid a shareholder class action and court action by the prudential regulator.

Former CBA chief exec Ian Narev joins Seek

Former Commonwealth Bank chief executive Ian Narev has been appointed chief operating officer of online jobs advertiser Seek.

Misconduct not just down to 'bad apples' says Elliott

ANZ Banking Group chief executive Shayne Elliott says structural issues and internal processes should cop the brunt of the blame for misconduct across the banking sector, and not a few people with bad intentions.

NAB scraps introducer fees for bank loans

National Australia Bank has scrapped a contentious program under which people including gym instructors and hairdressers were paid commissions for loans they pitched to their customers.

Westpac in new $260m remediation provision

Westpac is setting aside a further $260 million for customer remediation, taking its total to $659 million with fees-for-no-service refunds yet to come.

ASIC recovers $1.5m in final Westpoint action

The last of the 19 civil actions brought by the Australian Securities and Investments Commission on behalf of a number of investors in the Westpoint Group has been finalised.

AMP acquires 50% of Optus Stadium owner

AMP Capital has acquired a 50 per cent ownership stake in the private company that developed Optus Stadium, adding to several other infrastructure assets it has purchased in Western Australia including Kalgoorlie prison and Port Hedland airport.

KPMG buys Ferrier Hodgson

Perth-based Matthew Woods will be the joint leader of KPMG's greatly expanded insolvency practice after the 'Big 4' accounting firm finalised a deal to acquire Ferrier Hodgson. The merged entity will have 27 partners nationally and be the largest practice in WA.

WA Super in merger talks with interstate funds

WA Super has confirmed a memorandum of understanding has been signed with two other superannuation funds to create an entity that would manage around $23 billion in assets for about 347,000 members.

Backflip on mortgage broker changes

Mortgage brokers will continue receiving trail commissions beyond 2020 under a federal coalition government, with Treasurer Josh Frydenberg revealing a plan to scrap them has been dropped.

Investor recovers $10m Stripe Capital loss

QBE Insurance has been ordered to pay $10 million to a Perth investor who was a client of stockbroking firm Stripe Capital and former Perth broker Todd King.

Pioneer Credit takes a dive

Shares in Pioneer Credit fell 29 per cent yesterday after the company reported a weak interim result and its accounts were qualified by its auditor.

AFG posts 2.2% profit jump

Australian Finance Group has announced a cash profit increase, and said there were encouraging signs for the future of the mortgage broking industry.

Accountant jailed for tax fraud

A 33-year-old Perth accountant was today sentenced in the Perth District Court to four years’ jail for tax fraud, after obtaining and trying to obtain over $250,000 from his clients and the Australian Taxation Office.