Financial Services

Commonwealth Bank of Australia says it made a third-quarter cash profit of $2.35 billion, while also agreeing to pay $25 million to settle legal action brought against it by the corporate regulator over bank bill swap rates.

Opinion: The current banking royal commission and global shift to downsizing are raising questions as to whether any institution or business is too big to fail, or at least be broken up.

Two of the three AMP directors standing for re-election at this week's annual general meeting have decided to resign, with the company's longest-serving director to follow.

Macquarie Group expects a steady year ahead after lifting full-year profit 15 per cent to a record $2.56 billion.

AMP has revealed almost 16,000 of its customers paid fees for financial advice they did not receive, while arguing it "strenuously denies" recommendations it face criminal charges over the scandal.

National Australia Bank is spinning-off its financial advice and superannuation businesses in a move it says has nothing to do with the "shameful" industry scandals heard by the royal commission.

Will financial services companies wish they had taken a different path all those decades ago, when superannuation nest eggs looked so attractive?

The banking royal commission’s exposure of shady practices will no doubt lead to calls for change, but perfect solutions are hard to find.

ANZ has reported a 16 per cent fall in first-half cash profit to $2.88 billion as it continues to cast off units and refocus on its domestic business.

Commonwealth Bank will have to hold an extra $1 billion in minimum capital after the banking regulator said large profits had blinded the lender to threats such as the money-laundering scandal that ended the tenure of its CEO.

AMP chair Catherine Brenner has quit with immediate effect as the fallout widens from the fees-for-no-service scandal at the Financial Services Royal Commission.

The banking regulator has announced plans to remove the cap it placed on property lending to investors three years ago in response to booming borrowing levels and an overheating property market.

Collie could soon be home to a 20 megawatt solar farm and cryptocurrency 'mining' operation, after the Southern Development Assessment Panel recommended approval for a project led by energy entrepreneur Ben Tan.

A survivor of the tech wreck, Andrew Hall tasted success in the venture capital space before launching his own new startup, Formalytics.

AMP chief executive Craig Meller has quit the wealth management giant, becoming the first major casualty of the Financial Services Royal Commission.

AMP has had $1 billion wiped off its market value during a royal commission appearance in which the wealth management giant admitted to charging clients for advice they never received and then lying about it to the corporate watchdog.

Home loans to owner-occupiers rose 1.3 per cent to $21.5 billion in February, eclipsing November's all-time high.

Former Perth finance broker Peter Lachlan McDonald has pleaded guilty to giving false information and fraud charges following an investigation by the corporate watchdog.

Commonwealth Bank of Australia has agreed to pay $3 million after the corporate watchdog found two of the lender's financial planning arms charged customers millions of dollars for advice they did not receive.

Accounting firm BDO has appointed Perth-based chairman Sherif Andrawes as its global natural resources leader, replacing Charles Dewhurst from the company’s US arm, after 12 years in the role.

Local fintech company DigitalX has announced it will open a cryptocurrency-focused investment fund and launch two digital currency websites with Perth-based media company Multiplier.

ANZ bank will pay $3 million after an investigation found the lender failed to provide more than 10,000 customers annual reviews of their investments.

Wealth manager AMP has announced chief executive Craig Meller will step down at the end of the year, as the hunt for his successor begins.

Incoming chief executive Matt Comyn has already started his overhaul of the Commonwealth Bank's leadership team, with three senior executives set to depart.

Global payroll and tax compliance specialist activpayroll has set up an Australian headquarters in Subiaco to grow client capacity, as its Perth-based subcontractor, Proactiv Payroll, takes on new ventures.

The corporate watchdog has today released a report outlining changes made by the big four banks to small business loans to remove unfair terms, while the Australian Competition and Consumer Commission has flagged concerns with the major banks’ mortgage pricing strategies.

Former banker and company director Warwick Kent, who led the revival of Bankwest after big losses in the early 1990s and through its subsequent privatisation, passed away this week at his home in NSW.

Perth-based company Superfunded has been placed into liquidation after the Federal Court made orders to wind-up the business following an application by the corporate watchdog.

A number of local mining companies have moved up the stock market rankings, with contractor Ausdrill included in the S&P ASX 200 index, while South32 has been admitted into the top 20 as part of the market’s quarterly rebalance.

Commonwealth Bank will refund another $16 million to credit card and loan insurance customers after finding more people were sold policies they would not be able to claim on.

A new report will allow executives and directors to compare remuneration with peer companies of similar size or in the same industry.

The Australian Securities and Investment Commission has applied to the Federal Court to appoint a liquidator to local company Superfunded, owned by former financial adviser Mark Goldenberg.