FINSOC Weekly Wraps Vol.05

Apr 24, 2022 Weekly Wraps

 Westpac was ordered to pay $113 million to the ASIC for charging fees to over 11,800 clients who have already passed away.
 Experts have predicted the Australian cash rate to surge above 3% by the end of 2023. It currently sits at 0.1%.
 On Wednesday 20th April, Netflix’s share price dropped by almost 30% when the company revealed that it had a net-loss of over 200,00 customers in the first quarter of 2022.
 The ASX 200 closed 0.7% down, due to significant falls of over 5% in the Materials and Information Technology sectors.
The APRA has outlined a policy plan to regulate the use of crypto-assets by financial institutions, which will be implemented and enforced by 2025. 
 Online discount brokerage firm, Robinhood has acquired UK crypto group Ziglu, to expand crypto-related product offerings and means of financial transfers across Europe.