Ben Butler

Ben Butler

Finance

Penske File exposed: Macquarie Group's cheat sheet made public

Adele Ferguson and Ben Butler It is the cheat sheet at the centre of the Macquarie Private Wealth scandal that the millionaires' factory and the corporate regulator, the Australian Securities and Investments Commission, refuses...

Finance

Macquarie writes to dead people

Macquarie bank logo

Adele Ferguson and Ben Butler Macquarie Private Wealth has sent letters to dead people as part of its mailout to 160,000 current and former clients who may have received shoddy financial advice.

IPOs

Alibaba floats past Australia

The Alibaba float is also not on the radar of AustralianSuper's fellow industry fund CBUS.

Ben Butler, Madeleine Heffernan Australia, which has $1.85 trillion in its superannuation system, has been bypassed in a whirlwind global roadshow organised by the six investment banks selling the Alibaba float.

Australian businessman Bruce Higgins drawn into Redflex US bribery case

Bruce Higgins in a speed detection van during his time at Redflex.

Ben Butler The chairman of three ASX-listed companies, Bruce Higgins, has been drawn into a US court case over alleged bribery by red light camera group Redflex, where he formerly served as head of North...

Finance

Macquarie Private Wealth: ASIC denies losing Penske File

The corporate watchdog alleges Healthzone's former executive chairman Peter Roach obtained a loan from the company under false pretenses.

Ben Butler, Adele Ferguson The corporate regulator has denied losing a document, known as the Penske File, allegedly used by financial advisers at Macquarie Group to cheat on continuing professional development exams.

Hearing

'Disgusting': Parliamentary inquiry grills ASIC over financial planners

ASIC Chairman Greg Medcraft.

Ben Butler A parliamentary inquiry has grilled the corporate regulator's top brass over why a financial planner who caused widespread misery by tipping people into forestry schemes that failed was banned from...

Australia Post won't divulge boss's salary as letters profit dives 35 per cent

Alana Schetzer and Ben Butler Australian Post has refused to reveal how much managing director Ahmed Fahour was paid last financial year, as it reported a 35 per cent slide profit from its crumbling letters delivery sector.

Gambler's punts with BetEzy unlawful, NT Racing Commission finds

Ben Butler Almost $170,000 worth of bets a Western Australian punter allegedly placed by SMS with bookmaker BetEzy were unlawful, a tribunal has found.

Regulation

ASIC seeks more power to intervene in financial system

ASIC chairman Greg Medcraft.

Ben Butler and Clancy Yeates The corporate regulator has joined voices calling for financial advisers to hold a university degree, telling the Financial System Inquiry it supports the move because investment products are...

ASIC rejects FOI request over Macquarie Private Wealth documents

Ben Butler The corporate regulator has declared that information about the failings of Macquarie Private Wealth is not "directly relevant to a matter of public importance".

AMP and big banks rush to lift planners' qualifications

Australia's big four banks.

Adele Ferguson, Ben Butler Australia's big four banks and AMP have moved to beef up educational standards for financial planners as they struggle to stem a crisis of confidence in the advice industry.

ACCC takes action on petrol pricing

generic thumbnail, petrol, service station, fuel

Ben Butler Motorists are paying more for petrol because big chains BP, Caltex, Coles, Woolworths and 7-Eleven use a members-only website to coordinate price movements, the consumer watchdog alleges.

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Petrol

ACCC pursues petrol chains over price information sharing

Fuel

Ben Butler The consumer watchdog has accused big petrol station chains BP, Caltex, Coles, Woolworths and 7-Eleven of using website Informed Sources to co-ordinate fuel prices and says it is concerned the...

CBA rewards bosses of scandal-ridden financial planning division

Grahame Petersen

Ben Butler, Adele Ferguson Victims of the Commonwealth Bank’s financial planning scandal have slammed as ‘‘obscene’’ and ‘‘devastating’’ multimillion-dollar pay packets...

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Macquarie to compensate big investors

Macquarie Group.

Ben Butler, Adele Ferguson, Georgia Wilkins Macquarie Private Wealth's offer of compensation to 160,000 customers who may have received poor financial advice will include so-called ''sophisticated'' and ''wholesale'' investors, the corporate...

Regulator spurns share offer for sex industry group Planet Platinum

Minority shareholders have troubled John Trimble.

Ben Butler An unusual offer to buy shares in listed sex industry group Planet Platinum has attracted the ire of the corporate regulator.

Macquarie ordered to contact 160,000 customers over possible financial advice compensation

A man walks on a pedestrian bridge in front of the Macquarie bank tower in Central Sydney September 18, 2008. Shares in Macquarie Group, Australia's biggest investment bank, plunged as much as 20 percent on Thursday to their lowest in over five years amid concerns over its ability to fund its business model.     REUTERS/Daniel Munoz (AUSTRALIA)

Adele Ferguson, Ben Butler, Georgia Wilkins More than half a million Australians may have received shoddy advice about what to do with their retirement nest-eggs from financial planners, many of whom do less training than a hairdresser, it has...

Advice

Cheating rife in financial planning

Illustration: Simon Bosch.

Adele Ferguson and Ben Butler Advising people on their life savings requires disturbingly low qualifications.

Bank fees class action to include all customers

Ben Butler, Adele Ferguson A "very large number" of bank customers stand to benefit from a new bank fees class action lodged today, the lawyer in charge of the lawsuit says.

Maurice Blackburn launches huge class action over credit card late fees

Australia's big four banks.

Ben Butler, Adele Ferguson Hundreds of thousands of bank customers stand to benefit from a sweeping new class action over credit card late fees worth hundreds of millions of dollars, to be lodged by law firm Maurice Blackburn...