Financial Services

IMF Bentham has confirmed it will fund a Federal Court open class action against the Commonwealth Bank relating to allegations the lender breached anti-money laundering and counter-terrorism funding laws.

AUSTRAC’s civil penalty proceedings against Commonwealth Bank of Australia won’t appear in the Federal Court until April next year.

Commonwealth Bank of Australia will face an inquiry by the prudential regulator after a series of issues at the country's largest bank prompted concerns about its governance, culture and accountability.

The state’s first early stage venture capital limited partnership is one of three funds announced by Western Australian money managers this year, and one of two in a joint project by Cottesloe-based View Street Partners and Nedlands-based Mac Equity.

One of the state’s most experienced financial services leaders, John Van Der Wielen says the opportunity to put something back into the community was one factor motivating his move to HBF.

ANZ Banking Group has reported a third-quarter cash profit of $1.79 billion, helped by strong growth in owner-occupier mortgage lending.

Commonwealth Bank of Australia chief executive Ian Narev will step down by the end of June after Australia's largest bank decided to deal with speculation over his position following allegations the lender breached money laundering and terrorism-financing laws.

National Australia Bank's mortgage rate hikes have helped the lender lift third-quarter cash profit 5 per cent to $1.7 billion.

Commonwealth Bank of Australia is being investigated by the corporate regulator over its alleged breach of money laundering and terrorism financing laws.

Commonwealth Bank of Australia has reported an increase in cash profit to $9.8 billion for the 2017 financial year, while its Perth-based subsidiary, Bankwest, delivered a fall in profit as a result of increased home loan impairments.

Commonwealth Bank of Australia says it is buying the remaining 20 per cent stake of Aussie Homes Loans from founder John Symond.

Commonwealth Bank of Australia executives, including CEO Ian Narev, will be hit in the pocket over the bank's more than 53,000 alleged breaches of anti-money laundering and counter-terrorism financing laws.

Commonwealth Bank of Australia has suggested that 53,000 alleged breaches of money laundering laws listed in a case brought against it by regulators could be treated as a single matter because they all stemmed from the same IT error.

Commonwealth Bank of Australia has been accused of a systemic failure to comply with anti money laundering and counter-terrorism financing laws.

Insurance giant QBE will pay up to $15.9 million in refunds to customers who paid for ‘add-on’ car insurance that provided little or no benefit.

The Australian share market has bounced back from its previous session's losses, starting the week comfortably higher on the back of strength in the mining and energy sectors.

The Australian Securities and Investments Commission has slapped a five-year ban on a Queensland-based former employee of stockbroking firm Patersons Securities, after he made unauthorised trades on a client account and created false records on two further accounts.

Macquarie Group expects its 2018 financial year profit result to be broadly in line with its previous year record profit of $2.2 billion.

Treasurer Ben Wyatt has all but ruled out the introduction of a bank tax in the September budget but has kept the option open for a future decision, while the industry has called on the state government to protect Western Australia’s economic growth by not bringing in the levy.

Companies investing in research and development have access to an increasingly competitive new source of finance.

ANALYSIS: WA could find itself in a tough spot if the Reserve Bank raises interest rates in response to economic conditions in the eastern states.

Westpac has entered into exclusive discussions with property giant Charter Hall Group to sell its infrastructure investment business Hastings Management.

Bankwest is lifting mortgage rates for interest-only loans, following the lead from the big four banks, which already adjusted rates in an attempt to slow down riskier lending. 

Australia's biggest banks will have to find billions of dollars of extra cash by 2020, but the new requirement does not look like being much of a problem for them.

The corporate watchdog has banned a Perth financial adviser from the industry for failing to act in the best interests of his clients while he was employed by a subsidiary of Westpac.

SPECIAL REPORT: Small and mid-sized businesses will soon have a new option for raising capital when crowd-sourced funding legislation takes effect. 

China Construction Bank has become the third Chinese banking group to establish a presence in Perth, and those managing its operations are planning to make a larger impact than the competition.

Dogged legal action led by Fremantle-based Primary Securities has given investors in a failed Willmott Forests scheme the prospect of getting a return on their money.

Financial services business Euroz has flagged a surge in net profit for the 2017 financial year and an increased dividend payout, on the back of an improved performance by its broking arm.

National Australia Bank has apologised to at least 150,000 customers for failing to disclose that its advisers were cross-selling the bank's products.

West Perth-based Platinum Mortgage Securities has entered into a products sale agreement with La Trobe Financial, following a transfer of funds between the two businesses last year.

Chief executives at mid-cap companies in Western Australia are better paid than their peers in other states, but those at small companies in WA are worse off, an in-depth remuneration survey has found. Click through to access the report.