OANDA, New York based forex trading serving provider recently revealed in an announcement that it has made a new addition to its APAC region senior level leadership team. As per statement released by the firm…
APRA Launches Westpac Investigation and Increases Capital Requirement…
The Australian Prudential Regulation Authority (APRA) has today formally commenced an investigation into possible breaches of the Banking Act 1959 by Westpac Banking Corporation (Westpac). APRA will focus on the conduct that led to the…
Westpac successfully completes remediation process
Westpac New Zealand Limited (Westpac) has retained its accreditation as an internal models bank following completion of an extensive remediation process required by the Reserve Bank. In 2017 the Reserve Bank required Westpac to undertake…
AAT reduces banning period for NSW mortgage broker
The Administrative Appeals Tribunal (Tribunal) has reduced the banning period for former mortgage broker, Michael Wilkins, from three years to 18 months. Mr Wilkins of Watanobbi, NSW, was banned by ASIC, from providing financial services…
Westpac Refunding $7 Million to Affected Customers for…
The Financial Markets Authority (FMA) and Commerce Commission have formally agreed with Westpac the steps the bank must take to refund fees to some 93,000 customers being overcharged $7 million. Westpac did not correctly discount…
Adelaide financial adviser banned for five years
ASIC has banned Adelaide-based adviser Peter Anthony Chigwidden from providing financial services for a period of five years. Following a review of Mr Chigwidden’s advice, ASIC found that Mr Chigwidden consistently failed to address the…
Australian Dollar Tumbles in Choppy Trade as China…
Summary: The Australian Dollar saw a sharp reversal in choppy trade, tumbling 1.25% to 0.7083 (0.7168 yesterday) and finish as worst performer among the Majors. A stellar Australian Employment Gain of 39,100 Jobs (vs forecast…
Court Orders Penalties and Other Relief Against Westpac…
The Federal Court of Australia today ordered Westpac Banking Corporation (Westpac) pay a pecuniary penalty of $3.3 million for contravening s12CC of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) through its involvement in…
Federal Court finds Westpac traded to affect the…
Justice Beach of the Federal Court today found that Westpac engaged in unconscionable conduct under s12CC of the Australian Securities and Investments Commission Act 2001 (Cth) by its involvement in setting the bank bill swap reference rate…