Financial Services

UPDATED: Commonwealth Bank boss Matt Comyn expects scrutiny and regulatory concerns to increase for buy now, pay later providers.

Newly listed businesses on the ASX returned 34 per cent in 2020, while 74 companies joined the bourse.

Australia's peak social services group is again urging the federal government to raise the long-term rate of JobSeeker, with the payment set to drop back to $40 a day in April.

With the financial planning sector going through a historic shake-up, Business News looks at how four Perth groups are positioning themselves.

A new investment consultancy has kicked off in Perth with heavyweight backing, with Wyllie Group and other clients giving it more than $1 billion in funds under advice.

Accounting firm BDO has established a joint venture with Integro Private Wealth to offer financial planning and private wealth services, targeting medical professionals and business owners.

Westpac and Commonwealth Bank are facing separate allegations over breaches related to funding and loan products, and interest rate charges.

Buy now, pay later giants Afterpay and Zip are unlikely to face more regulatory challenges despite government research showing one in five customers of such providers miss payments.

The owner of real estate group Ray White has expanded its interest in financial services after announcing the purchase of NAB's mortgage aggregators.

Commonwealth Bank has reported a 16 per cent fall in quarterly cash earnings, citing ongoing pressure on margins due to historic low interest rates.

Unemployed Australians will soon receive $100 less per fortnight as coronavirus supplements are extended at a reduced rate.

Macquarie Group has reported a 32 per cent dive in half-year profit after the impact of the coronavirus caused it to write down the value of assets

National stockbroking firm Ord Minnett has finalised an agreement to buy competitor EL&C Baillieu, which was put up for sale in June this year.

NAB has reported a slump in full-year earnings due to the impact of the coronavirus pandemic on the economy.

Businesses are ready for a shift to a more positive mindset, and investors are sensing the change.

Australia's biggest banks appear to be chasing new home loan business by cutting their fixed rate products, rather than supporting existing customers with variable rate mortgages.

Westpac has had a 62 per cent dive in full-year cash earnings, largely from the effects of COVID-19 and its $1.3 billion penalty for breaches of money laundering and terror financing laws.

ANZ will tighten its policy on coal, but gas will be treated as a transition fuel, the company said as it reported a 42 per cent profit fall.

Australia's superannuation industry and its 16 million members watched markets fall and braced for impact as 2020 delivered an unprecedented financial stress test.

Westpac has warned of a $1.22 billion hit to earnings ahead of its full-year results next week, partly due to writedowns and revaluations.

ANZ will pay a $10 million penalty for wrongly charging 69,000 customers more than $3 million in fees.

Stockbroking firm Hartleys more than tripled its profit this past financial year amid a flurry of equity raisings in the resources sector.

The total amount of funds managed by the Government Employees Superannuation Board fell by $200 million in the past financial year as a result of the COVID-19 downturn.

Westpac has agreed to pay a record $1.3 billion fine for major breaches of money laundering and terror financing laws.

Australia's second largest bank, Westpac, believes the $900 million it has set aside for an eventual settlement with financial regulator AUSTRAC over breached anti-money laundering laws is adequate.

Stockbroking firm Argonaut has announced two high-profile recruits, while Canaccord Genuity has also bolstered its Perth team. Both firms have recruited new people from Hartleys,

The company formerly known as HotCopper has reported a big increase in its investments in clients' shares, with revaluation gains leading to a modest annual profit.

Shares in insurer QBE have fallen by more than 5 per cent after its group chief executive departed following an investigation into workplace communications.

The Agency Group Australia has increased its revenue by 48 per cent to $41.9 million and recorded strong growth, despite being impacted by the COVID-19 downturn.

As the chief investment officer at Andrew Forrest's private company, 34-year-old John Hartman oversees a very large, extraordinarily diverse and fast-growing portfolio.

Cash Converters has posted a $10.5 million loss, while chairman Stuart Grimshaw is the latest to leave the company.

Mortgage lender Australian Finance Group has posted an underlying profit of $36.3 million for the full financial year on the back of rising residential settlements.