Fri, 28th Jun 2024

In this week's Finance News Wrap, Financial Services Online discusses Westpac's criticism by the BCCC due to insufficient customer support post the closure of a regional branch, violating the 2019 Banking Code of Practice. Westpac has consequently ceased further regional branch closures until 2027. Australia's energy sector faces significant challenges with rising costs, due to early coal power station retirements without enough renewable alternatives. The Australian Securities and Investments Commission requires strict observance of new notification rules concerning the experience pathway for financial advisors. Lastly, the Financial Advice Association of Australia expresses concerns over increasing costs due to government reforms in the financial advice sphere. They suggested attracting new advisors and simplifying accreditation processes to offset these costs.