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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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The Olympic effect on property and equity investors; COVID-19 Disaster Payments ...

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There is $17.5 billion in lost and unclaimed super across ...

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Big four bank prepares to remediate customers $87m

By Reporter

July 02 2021
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Borrow

Big four bank prepares to remediate customers $87m

By Reporter
July 02 2021

Tens of thousands Australians are set to receive a combined $87 million as a big four bank begins remediation action over failing to notify customers of investing opportunities between 2005 and 2019.

Big four bank prepares to remediate customers $87m

By Reporter

July 02 2021
Share

Tens of thousands Australians are set to receive a combined $87 million as a big four bank begins remediation action over failing to notify customers of investing opportunities between 2005 and 2019.

Westpac said it will remediate customers whose financial advisers may have failed to notify them of corporate actions between 2005 and 2019.

According to ASIC the corporate actions that may have failed to be communicated include buy backs, renounceable and non-renounceable rights issues, share purchase plans and takeovers.

“Westpac’s failure to notify customers of corporate actions means customers may have missed out on various opportunities,” a statement released by ASIC on Friday reads.

“These include purchasing additional shares often at a discount to the market price, the creation of temporary rights or options that can be sold for a profit, and the ability to sell shares and receive a benefit that can be tax advantageous depending on the shareholder’s circumstances.

“Westpac’s remediation covers an estimated 328,000 potential missed corporate action notifications impacting approximately 32,000 customer accounts. This is a complex remediation due to the various types of corporate actions involved.”

Westpac said it aims to compensate most of the affected customers by the end of the year.

“Compensating customers affected by misconduct is a very important part of licensees’ obligations to act fairly, honestly and efficiently. We are pleased to see that Westpac has taken action to remediate affected customers regardless of how much time has passed," ASIC commissioner Danielle Press said.

“We encourage affected customers to engage with the communications from Westpac to understand how they were impacted and to seek further information from Westpac if required.”

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