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ASIC launches investigation into Westpac

ELIZABETH MCARTHUR  |  TUESDAY, 26 NOV 2019
... as chief financial officer. Westpac Group chair Lindsay Maxstead is bringing forward his retirement to the first half of next year too. The bank has been accused of 23 million breaches of anti-money laundering laws and counter terrorism laws. AUSTRAC ...

Chief economist update: Let's talk about debt

BENJAMIN ONG  |  TUESDAY, 26 NOV 2019
... its 2020 guesstimate to 2.3% (from 2%) in 2020. Good... but not as good as the RBA's forecast of 2.3% in 2019 and 2.6% next year. I don't want to quibble over the exact point estimates - economics, after all, is an inexact science because of ...

Westpac halts short-term bonuses, culls Litepay

HARRISON WORLEY  |  MONDAY, 25 NOV 2019
... funding for the government's SaferKidsPH partnership with save the Children, UNICEF, and the Asia Foundation over the next six years through a $6 million investment. Additionally, Westpac said it would fund the implementation of recommendations from ...

Chief economist update: US consumer power

BENJAMIN ONG  |  MONDAY, 25 NOV 2019
... funds rate at the 1.50%-1.75% are all higher than a rate cut starting from its December 2019 FOMC meeting right through its next six meetings in 2020 (September 2020). The likelihood of a rate cut then surpasses the "on hold" probability, but only just ...

Dealer group lead to depart

JAMIE WILLIAMSON  |  FRIDAY, 22 NOV 2019
The head of an IOOF-aligned dealer group will depart the business next week. Elders Financial Planning (EFP) has confirmed the resignation of Tony Beaven who has opted to return home to the United Kingdom. His departure, effective November 28, will ...

Boutique portfolio manager to retire

KANIKA SOOD  |  FRIDAY, 22 NOV 2019
... Morningstar has retained an analyst rating of bronze but said it will closely monitor Byres' progression of over the next 24 months. The analyst noted the long notice period, the capability of Biddle and Byres but also Byres' limited portfolio ...

IFM to spend $25bn on Aussie infrastructure

KANIKA SOOD  |  FRIDAY, 22 NOV 2019
IFM Investors will spend $25 billion on Australian infrastructure over the next decade, in what it says is expected to create 50,000 new jobs. The industry-fund-owned fund manager will invest in existing assets including electricity distributor Ausgrid ...

Financial planning pioneer to speak at FPA Congress

KANIKA SOOD  |  FRIDAY, 22 NOV 2019
Mitch Anthony, who pioneered life-centered financial advice, will address the annual FPA Congress next week. He spoke to Financial Standard about what advisers can expect from his session. Mitch Anthony has been a thought leader in financial planning ...

Complexity equals risk: IOOF chief

HARRISON WORLEY  |  THURSDAY, 21 NOV 2019
... don't envy being here now having had to make a change to our chief risk officer," he said. "But our view is that the next phase of our development with respect to the uplifting of our governance required a different type of leadership, and we're ...

Aviva restructures, plans new retirement focus

JAMIE WILLIAMSON  |  THURSDAY, 21 NOV 2019
... along with its Chinese operations. According to reports, the restructure will see the removal of about 2000 jobs over the next three years. Aviva is aiming for cost reductions of £300 million in net savings by 2022. Aviva chief executive Michael Tulloch ...