Markets

Westpac added $46 million to the cost of compensating customers

Westpac is booking $281 million in costs associated with compensating customers. This will drag down the bank’s full year cash earnings, due to be announced next week. The amount is $46 million higher than first estimated. Westpac has upped its estimate of the cost of remediating customers by $46 million […]
Westpac added $46 million to the cost of compensating customers
Markets

Freedom Insurance’s CEO is gone and 140 staff have lost their jobs

Freedom Insurance, savaged in the financial services royal commission for its sales tactics, has stopped selling insurance via direct telephone sales. It’s CEO Keith Cohen has been pushed out. And 140 staff will lose their jobs. Freedom Insurance, criticised in the financial services royal commission for its direct telephone sales […]
Freedom Insurance’s CEO is gone and 140 staff have lost their jobs
Markets

Freedom Insurance apologises, again, as its shares get hammered

Freedom Insurance, criticised in the financial services royal commission for selling accident and funeral insurance to an intellectually disabled man, has apologised in a written statement. Freedom founder and Managing Director, Keith Cohen, says the board, management and staff of Freedom are deeply sorry for “instances of unacceptable behaviour”. Freedom […]
Freedom Insurance apologises, again, as its shares get hammered