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Westpac settles two class actions
KARREN VERGARA  |  FRIDAY, 30 OCT 2020
Westpac has agreed to settle two separate class actions relating to anti-money laundering breaches and rate rigging initiated in the US for undisclosed amounts. The bank settled the action filed by Rosen Law Firm relating to its failure to monitor financial ...
Wages will not rise from SG cut: ISA
ELIZA BAVIN  |  FRIDAY, 30 OCT 2020
Industry Super Australia has hit out at arguments that wages will increase if the planned superannuation guarantee rise is delayed. ISA said the evidence that ditching the SG rise will not help wages can be seen from the last time it was cut in 2014. ...
Chief economist update: Not out of the woods
BENJAMIN ONG  |  FRIDAY, 30 OCT 2020
... whether a stimulus deal is signed today, tomorrow or never? The short answer is the US Federal Reserve remains unconvinced. Fed chair Jerome Powell thinks there's still a long way to go before the economy fully recovers from the pandemic. Fed governor ...
ASFA proposes MySuper test
KARREN VERGARA  |  WEDNESDAY, 28 OCT 2020
The Association of Superannuation Funds of Australia is suggesting an alternative one-off test to weed out underperforming default funds in place of the government's recent proposals. ASFA's Lifting the Bar proposal will examine MySuper products and ...
Federal Court freezes investment scam, winds up SMSF operator
ANNABELLE DICKSON  |  TUESDAY, 27 OCT 2020
The Federal Court has frozen the funds of a suspected investment scammer and ordered the winding up of two unlicensed financial services businesses, upon referral from the Australian Securities and Investments Commission (ASIC). The Federal Court has ...
Chief economist update: Good or bad news is good Wall Street news
BENJAMIN ONG  |  THURSDAY, 22 OCT 2020
... show - is on its way to a virtuous circle of confidence, spending and ultimately, stronger growth? The short answer is the Fed remains unconvinced. Fed chair Jerome Powell thinks there's still a long way to go before the economy fully recovers from ...
Global firm hires local distribution head
JAMIE WILLIAMSON  |  TUESDAY, 20 OCT 2020
As it progresses plans to grow its footprint in the Asia Pacific region, Federated Hermes has appointed three directors including Janus Henderson's head of institutional business to lead distribution in Australia and New Zealand. Based in Sydney, Gary ...
NAB to pay $15 million for Royal Commission case study
ELIZABETH MCARTHUR  |  MONDAY, 19 OCT 2020
National Australia Bank has been ordered to pay $15 million for dealing with unlicensed home loan introducers, as revealed at the Royal Commission. ASIC brought proceedings against NAB for contravening the National Consumer Credit Protection Act, which ...
Australian Business Growth Fund launches
ELIZABETH MCARTHUR  |  MONDAY, 19 OCT 2020
The government backed Australian Business Growth Fund has launched, to be led by former JB Were chair Anthony Healy. Healy has been appointed the inaugural chief executive of the fund and Will Hodgman, former premier of Tasmania, has been appointed ...
Derivatives issuer cops $75m penalty
ELIZA BAVIN  |  MONDAY, 19 OCT 2020
The Federal Court has imposed a $75 million penalty on OTC derivative issuer AGM Markets and former authorised representatives OT Markets and Ozifin. AGM was ordered to pay $35 million, while OTM and Ozfin have each been ordered to pay $20 million. ...
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