Financial Services

Colonial First State has been ordered to pay a substantial penalty by the Federal Court after misleading nearly 13,000 of its members about their superannuation.

RAC expects to start investing in other states as it looks to add more businesses to its already diverse portfolio.

The Australian Prudential Regulation Authority has told banks they need to raise the serviceability buffer when assessing new loan applications.

The three-year long shrinkage in the financial planning industry has continued, with advisers at bank-owned groups leading the fall.

RAC has reported strong growth in revenue from its insurance and resorts businesses, with the group also benefiting from large investment gains.

Superannuation provider Colonial First State has misled thousands of customers over whether they should choose a low-fee product.

Journalist Matt Mckenzie talks to Cash Converters managing director Sam Budiselik about the company's financial year results, the subprime loan market, and use of machine learning.

Australia's big four banks have been quick to jump on board an expanded federal loan scheme to help steer small businesses through the spate of coronavirus lockdowns.

Only a handful of Perth-based companies outside the resources sector have built truly national or global operations.

ASX Trade's outage in November 2020 was caused by the release of a software update which was not ready to go live, an independent review has found.

Shares in Bendigo Bank have slid nearly 10 per cent despite Australia's fifth-largest lender improving full year cash earnings.

Financial services giant AMP has posted a 28 per cent drop in first-half net profit after weaker performances at its main wealth management and AMP Capital businesses.

Commonwealth Bank has announced a $6 billion share buyback and lifted dividends after improving economic conditions helped it post a robust rise in full-year profit.

National Australia Bank is buying Citigroup's consumer business and the two are devising new buy now, pay later products.

Insurer Suncorp has improved full-year cash earnings by 42 per cent, and rewarded shareholders with a special dividend and on-market buyback.

Perth equity fund managers are having to look harder for value after generating very strong returns during the past year.

The Supreme Court has granted a freezing order over a property linked to former PMM Group chief executive Gui De Castro to support a legal claim over his alleged failure to transfer $550,000 in shares.

Australian buy-now-pay-later group Afterpay has accepted a takeover offer from US digital payments giant Square in a deal worth $39 billion.

Wealth manager AMP is embroiled in another fees for no service controversy, this time with superannuation customers.

Labor and unions have renewed demands for JobKeeper to be reinstated but Josh Frydenberg is standing firm, saying current support measures are sufficient.

Stockbroking and corporate finance firm Argonaut is expanding its operations after striking a deal to merge with Liam Twigger’s specialist advisory business PCF Capital Group.

National wage subsidies will not be reintroduced despite millions of workers losing pay cheques as coronavirus lockdowns sweep Australia.

Commonwealth Bank of Australia chief executive Matt Comyn says his bank stands ready to assist customers with over half the population now in lockdown.

Financial services group AMP will not face criminal prosecution three years after a banking royal commission found it had charged fees to thousands of dead customers.

Small businesses and Australians with home loans who are struggling through COVID-19 lockdowns can count on their banks to help them, says the Australian Banking Association.

Bank customers are less likely to fall prey to dodgy sales tactics but the pressure must stay on to stop the sector backsliding, a review has found.

Australia Post has entered new agreements with both the Commonwealth Bank and NAB, which will offer banking services in post offices for the next decade.

Investment flows from Perth to fund international projects and companies.

The Commonwealth Bank is offloading its general insurance business to the Hollard Group, which will then sell home and vehicle insurance to CBA customers.

Contentious superannuation laws which the government says will boost savings and cut fees have cleared parliament.

Stockbroking firms Canaccord Genuity and Euroz Hartleys have announced a raft of executive changes, including Chris Webster switching firms and Michael Manford taking a new role.

Australia's banking watchdog has written to the nation's banks, warning there are signs of some increased risk-taking as homebuyers rush to secure loans in a heated housing market.