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SYDNEY: Australia's IOOF Holdings Ltd on Monday said a class-action lawsuit brought by shareholders last year alleging the wealth manager breached disclosure obligations will be discontinued with no payments to the plaintiffs.
SYDNEY: Westpac Banking Corp staff inappropriately gave personal financial advice when marketing pension funds, an Australian court said, overturning an earlier ruling in a rare win for regulators under pressure to crack down on misconduct in the finance sector.
SYDNEY: Australian bank shares surged the most in a decade on Tuesday after a long-awaited report on finance-sector misconduct recommended dozens of rule changes but spared the "Big Four" lenders any serious threat to their market dominance.
SYDNEY: Australia’s financial industry faces tougher regulation and more scrutiny of pay and culture after the government accepted key recommendations from a yearlong inquiry into decades of scandals and misconduct.
SYDNEY: Initial findings from a powerful inquiry into Australia's financial sector strongly criticised pension funds run by National Australia Bank and Commonwealth Bank for regulatory breaches including overcharging customers and failing to act in their best interest.
SYDNEY: Australia’s ANZ said it would quit paying bonuses to financial planners for selling its products, becoming the country’s first major lender to change business practices in response to a powerful inquiry that has unmasked widespread misconduct in the sector.
SYDNEY: Zurich Insurance has agreed to buy Australia and New Zealand Banking Group’s life insurance arm for A$2.85bil (US$2.1bil), its biggest foray into Australia and its third in the last two years.