New Zealand Markets open in 6 mins

Poor Westpac advice cost dream retirement

 

Westpac admits a senior financial planner gave poor advice to a couple that cost them their dream retirement.

Jacqueline McDowall and her husband ended up losing their home after trying to use superannuation funds to buy a bed and breakfast.

Ms McDowall told her story to the banking royal commission on Thursday after being "led up the garden path".

"I just feel through this horrible situation through the Westpac bank, the advice that we were given, a bank that's a big bank that I've been with for 16 years, for them to do that to their customers is absolutely and utterly disgusting.

"I hope no one ever has to go through it again."

Michael Wright, an executive in Westpac's wealth management division BT Finance, said the advice was poor.

"It's very clear this was not a viable strategy for the McDowalls," he told the commission.

"I'm sure the McDowalls were passionate and excited about what their future could look like but the reality was it wasn't viable.

"At that point in time, as professionals, we should have made it very clear this is not viable. It was poor advice."

  • Finance
    Australian Associated Press

    AAP Markets Report October 18

    Movements on overseas markets.

  • Finance
    Australian Associated Press

    ASX set to cool amid choppy Wall St trade

    Australian shares are set to cool at the open after a choppy overnight session on Wall Street, having gained more than one per cent during Wednesday's trade.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Wednesday, October 17.

  • Finance
    Australian Associated Press

    Wall St drops back as IBM disappoints

    IBM shares have dropped 6.3 per cent after the company's quarterly revenue fell more than expected, sparking an early fall in US stocks.

  • Traditional owners protest Origin fracking
    Finance
    Australian Associated Press

    Traditional owners protest Origin fracking

    Hundreds of signatures were presented to the Origin Energy's executives at its annual general meeting on Wednesday calling for a review into fracking in NT.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Wednesday, October 17.

  • Finance
    Australian Associated Press

    Banks drive Aust shares to four-month high

    Early gains for financial, healthcare and infotech stocks have pushed the local bourse higher on Wednesday.

  • Finance
    Australian Associated Press

    Bank bosses personally accountable: APRA

    APRA says top banking executives will be held to a higher standard of personal accountability under new rules.

  • Finance
    Australian Associated Press

    Optus faces $10m fine over premium content

    Optus faces a $10 million penalty after the consumer watchdog commenced court proceedings against the mobile firm for misleading customers.

  • First strike for Tabcorp on exec bonuses
    Finance
    Australian Associated Press

    First strike for Tabcorp on exec bonuses

    Tabcorp has been hit with a first strike from shareholders despite moves to soothe angst over proposed management bonuses.

  • Finance
    Australian Associated Press

    CSL chairman hoses down share split talk

    CSL says there are no plans for a share split to boost liquidity and affordability of its sky-high stock, with the investor base already increased.

  • Reject Shop shares crash on profit warning
    Finance
    Australian Associated Press

    Reject Shop shares crash on profit warning

    The Reject Shop has cut its profit guidance by about 40 per cent after a sales slump it says is linked to weak wage growth and mortgage rate hikes.

  • China demand lifts BHP iron ore output 8%
    Finance
    Australian Associated Press

    China demand lifts BHP iron ore output 8%

    BHP says its first quarter iron ore production has risen eight per cent on a year earlier thanks to strong demand from China.

  • Finance
    Australian Associated Press

    Wall St jumps more than 2%

    Wall Street has closed over two per cent higher after upbeat earnings reports from major companies, and solid economic data gave market confidence a boost.

  • Finance
    Australian Associated Press

    AAP Markets Report October 17

    Movements on overseas markets.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Tuesday, October 16.

  • Finance
    Australian Associated Press

    Aussies shares buoyed by banks and miners

    Miners and the big banks have lifted the Australian share market, but shares in telco giant Telstra dipped.

  • Strike 1: Telstra investors reject bonuses
    Finance
    Australian Associated Press

    Strike 1: Telstra investors reject bonuses

    Telstra chairman John Mullen has admitted executive salaries are too high "across the board" as the firm faces the prospect of a second strike next year.

  • Finance
    Australian Associated Press

    RBA eyes royal commission economic impact

    The RBA is concerned that tighter lending standards as a result of the financial services royal commission could adversely affect the broader economy.

  • BHP raises stake in Ecuador copper project
    Finance
    Australian Associated Press

    BHP raises stake in Ecuador copper project

    BHP has upped its share in SolGold as it eyes the promising Cascabel copper-gold project in Ecuador.

  • Rio Tinto Q3 output dips 5% on safety halt
    Finance
    Australian Associated Press

    Rio Tinto Q3 output dips 5% on safety halt

    Rio Tinto's third-quarter iron shipments fell about five per cent as a result of planned maintenance and safety pauses following a fatality.

  • NAB sets aside $314m for compensation
    Finance
    Australian Associated Press

    NAB sets aside $314m for compensation

    NAB is setting aside $314 million to compensate customers over issues including fee for no service.

  • Finance
    Australian Associated Press

    Tech stocks drag down Wall St

    Wall Street has finished an up and down trading day lower, as concerns over interest rates and corporate earnings weigh on market confidence.

  • Finance
    Australian Associated Press

    AAP Markets Report October 16

    Movements on overseas markets.

  • Finance
    Australian Associated Press

    Banks, miners drag on Aussie share market

    Australian shares have continued to slide, with the market shedding nearly 60 points to close nearly one per cent lower.