This episode of the Daily Financial Services News Wrap focuses on some major happenings in the global financial industry. News includes Westpac subsidiaries undergoing investigation by ASIC over accusations of systemic misconduct and fraudulent activities leading to improper loan approvals. Australian household expenditure showed a small uptick of 0.1% in April despite economic stimuli, indicating cautious consumer spending. On the topic of superannuation, the new reform Tranche 2 enables super fund trustees to provide financial advice, shift from a product-centric to a service-oriented approach is seen as a positive move. Finally, Star Casino is under fire for significant breaches of anti-money laundering laws, a situation urging the need for reform and increased vigilance in compliance. The episode wraps up pinpointing the importance of staying informed on financial industry news.
