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Regulatory

ANZ foots compensation bill

KARREN VERGARA  |  FRIDAY, 11 AUG 2017
ANZ will compensate consumers a total of $10.5 million as a result of OnePath compliance breaches.

New Zealand advice industry to be overhauled

JAMIE WILLIAMSON  |  WEDNESDAY, 9 AUG 2017
The New Zealand government is looking to remove the distinction between class and personal advice, as well as allow the provision of digital advice as it seeks to overhaul the country's regulatory regime for financial advisers.

First home super scheme may not make it to parliament in 2018

EMMA RAPAPORT  |  TUESDAY, 8 AUG 2017
Bills to enact the First Home Super Savers Scheme, residential downsizing incentives, and a raft of additional superannuation and retirement policies announced following this years' Budget may not be introduced to Parliament before the end of the year.

CBA senior executives forego bonuses

EMMA RAPAPORT  |  TUESDAY, 8 AUG 2017
Commonwealth Bank chief executive officer Ian Narev and fellow group executives have been stripped of short-term bonuses ahead of tomorrow's financial results.

CBA blames reporting failure on software error

EMMA RAPAPORT  |  MONDAY, 7 AUG 2017
The Commonwealth Bank says its failure to notify AUSTRAC of more than 53,000 large cash deposits in its intelligent deposit machines was caused by a software error which was not discovered for more than two years.

CBA faces anti-money laundering allegations

EMMA RAPAPORT  |  FRIDAY, 4 AUG 2017
The Commonwealth Bank is potentially facing millions of dollars in civil penalties following allegations it did not comply with anti-money laundering and counter-terrorism law.

Aussie banks cleared of Wells Fargo-type conduct

EMMA RAPAPORT  |  WEDNESDAY, 2 AUG 2017
The corporate regulator has cleared eight Australian banks of any systemic misconduct involving illegal opening of accounts as seen at international firm Wells Fargo.

Advice business offers enforceable undertaking

JAMIE WILLIAMSON  |  TUESDAY, 1 AUG 2017
Financial Index Australia entered into an enforceable undertaking with ASIC after an investigation found advisers had moved clients into more expensive, FIA-branded products without reason.

Labor cracks down on discretionary trusts

KARREN VERGARA  |  MONDAY, 31 JUL 2017
Opposition Leader Bill Shorten is cracking down on high-income earners exploiting a trust loophole that minimises tax bills.

APRA cuts red tape on superannuation transfers

ALEX BURKE  |  WEDNESDAY, 26 JUL 2017
APRA is reducing the barriers for super funds to transfer members and merge or wind up products following industry consultation.