Financial Services

Asic bans former HSBC financial planner

The corporate watchdog has permanently banned former Perth-based financial planner Simson Kwok from the industry for intentionally mishandling more than $4 million of clients’ funds while working for HSBC.

Slowdown bites as administrations up

More than 1,000 Western Australian companies went into external administration in the 12 months to March, an increase of nearly 36 per cent on the same period last year, according to the latest ASIC data.

Tech flavour for farmers

A growing uptake of technology for farming practices is likely among the state’s agribusinesses in coming months, according to the latest Commonwealth Bank Agri Insights survey.

Quickflix creditors swap administrators

Creditors of movie streaming service Quickflix changed administrators to Deloitte, just two weeks after the company voluntarily appointed partners from Ferrier Hodgson.

Fifth Get Approved broker banned

Another head has rolled in the corporate watchdog’s investigation into Victoria Park-based car financing business Get Approved Finance, with Grant Parker permanently banned from the industry.

Top bureaucrats jump ship

The imminent departure of four heavy hitters in the public service couldn’t have come at a worse time for the state government.

Lowe to govern RBA

Philip Lowe will take over the reins as the governor of the Reserve Bank of Australia when Glenn Stevens retires in September.

Listings tougher as ASX tightens regs

Small companies hoping to list on the stock market are facing tougher conditions, with more than a dozen announced deals in Western Australia hitting problems this year and the ASX foreshadowing tighter regulation of new deals.

AFG upgrades profit outlook

Mortgage broking wholesaler Australian Finance Group has upgraded its profit outlook for the 2016 financial year on the back of continued growth.

Asic bans brokers, winds up businesses

The corporate watchdog has permanently banned two local brokers from providing financial services for misconduct, while winding-up three abandoned companies based in Western Australia.

Pioneer completes capital raising

Local financial services provider Pioneer Credit has raised nearly $6 million from investors as it seeks to further grow its business.

Uncertain outlook for deals

SPECIAL REPORT: A flurry of deals over the past fortnight, including four acquisitions by international companies expanding in Western Australia and the year's largest capital raising, has added life to a flat corporate finance market. 

Former Patersons manager charged

Former Patersons Securities WA state manager Lewis Fellowes has been charged with using nearly $1.6 million in clients’ money for his personal use, and could be looking at up to 12 years behind bars.

Financial firm stifled on client data

A local financial services firm has been unable to secure its clients’ data following the failure of its east coast-based execution broker.

Bransby cancels Perth Racing move

Rob Bransby has announced he will no longer leave his post as managing director of the state’s largest health insurer to become chief executive of Perth Racing.

Pioneer buys mortgage broker

Perth-based financial services provider Pioneer Credit has acquired an online mortgage broking company for an undisclosed sum.

AFG loan book passes $114bn

Mortgage broking wholesaler Australian Finance Group has continued its growth run with an increase in profit for the six months to December.

Pioneer set for profitable year

Financial services provider Pioneer Credit says it’s on track for a record FY16, after delivering a 105 per cent rise in half-year profit.

Good news for Lehman creditors

Creditors of failed investment bank Lehman Brothers (Australia), including about 10 local councils in Western Australia, are likely to get a return of about 80 cents in the dollar after reaching a settlement with the owner of ratings agency Standard & Poor’s.

KPMG buys Markets IT

Professional services firm KPMG inked its 11th acquisition in the past two years today, announcing the purchase of Melbourne-based Markets IT for an undisclosed sum.

PSC buys WA insurance broker

Melbourne-based PSC Insurance Group has put a value of $7.7 million on the Western Australian arm of Australian Reliance, after announcing today it was buying the insurance broking group in multiple phases.