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Westpac flags $2.2bn impairment

JAMIE WILLIAMSON  |  TUESDAY, 28 APR 2020
The big four bank has flagged its 1H20 results will likely include an impairment charge of more than $2.2 billion - more than half of which is attributed to COVID-19. Announcing the expected charge this morning, Westpac said the $2.238 billion impairment ...

Former CFS executive joins platform

JAMIE WILLIAMSON  |  MONDAY, 27 APR 2020
The former head of Wrap at Colonial First State has joined an ASX-listed platform provider. Powerwrap has confirmed the appointment of Sue Wallace as special projects lead on a contract basis. Wallace joined the platform last month, coming from CFS ...

COVID-19 clogs custody mandate pipeline

ELIZABETH MCARTHUR  |  FRIDAY, 24 APR 2020
Switching custodians is one of the tasks being put on the back burner as the COVID-19 pandemic disrupts businesses and markets. The biggest custody businesses are experiencing delays in implementing new mandates, as volatility makes clients hesitant ...

Few redundancies but pay cuts abound: Recruiter

ELIZABETH MCARTHUR  |  THURSDAY, 23 APR 2020
The financial services industry in Australia is one of the lucky ones right now with businesses still operational but while firms seem keen to hang on to their people, pay cuts are commonplace. April insights from financial services recruiter Profusion ...

Mayfair 101 pushes on

ELIZABETH MCARTHUR  |  THURSDAY, 23 APR 2020
The embattled Mayfair 101 is pushing ahead with the launch of a new property bond, advertising it as an exclusive fixed income investment opportunity. Mayfair has been restricted in its promotion of debenture products after action by ASIC. The regulator ...

Recruitment, salaries slide in financial services

ELIZABETH MCARTHUR  |  MONDAY, 20 APR 2020
"What a difference a pandemic makes," Kaizen Recruitment noted in an update on the state of recruitment activity in Australian financial services. Kaizen found that while clients pushed ahead with filling essential talent gaps and some have attempted ...

Court restricts Mayfair advertising

ELIZA BAVIN  |  MONDAY, 20 APR 2020
The Federal Court has restricted Mayfair 101 from promoting its debenture products and prohibited the use of specific words and phrases in its advertising. The order comes after ASIC made an application to the court for an interim injunction at the ...

Future Fund board members reappointed

KANIKA SOOD  |  FRIDAY, 17 APR 2020
The government has reappointed two members of the $168 billion sovereign wealth fund's board of guardians. Carolyn Kay and Jane Wilson, who were both appointed for a five-year term in 2015, have had their appointments extended by three years and a year ...

Macquarie cash offering soars

ALLY SELBY  |  FRIDAY, 17 APR 2020
A Macquarie Bank cash offering has seen record interest as financial advisers look to safeguard their client's wealth amid the COVID-19 crisis. Speaking to Financial Standard, Macquarie banking and financial services head of payments and deposits ...

MLC Life executive joins AFCA

HARRISON WORLEY  |  FRIDAY, 17 APR 2020
... joined MLC Life in June 2017 as chief claims officer before being appointed chief of customer operations in February 2019 will link with the authority in June. She is also the former chief executive of AIA New Zealand, and has previously worked as a ...