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Regulatory

Foreign trust disclosures overhauled in NZ

DARREN SNYDER  |  WEDNESDAY, 24 MAY 2017
Foreign trusts generating foreign income in New Zealand will now face significant disclosure requirements but still won't have any NZ income tax obligations.

Labor fights phoenix fraud

EMMA RAPAPORT  |  WEDNESDAY, 24 MAY 2017
The Federal Opposition is acting to protect employees and small businesses from phoenix activity through a package of proposed reforms.

Big four hammer bank levy

ALEX BURKE  |  TUESDAY, 23 MAY 2017
ANZ, CBA, NAB and Westpac have taken to the ASX to criticise the Government's new bank levy, with some saying it will hit customers hardest.

Big banks pay $60m in advice refunds

ALEX BURKE  |  MONDAY, 22 MAY 2017
AMP, ANZ, CBA, NAB and Westpac have to-date repaid $60 million out of an estimated $204 million for charging clients for financial advice that was not provided.

Macquarie to pay $2m following ASIC probe

ALEX BURKE  |  MONDAY, 22 MAY 2017
ASIC accepted an enforceable undertaking from Macquarie, which includes a community benefit payment of $2 million, following the regulator's investigation into the bank's wholesale foreign exchange business.

Senior executives sworn to secrecy over bank levy

JAMIE WILLIAMSON  |  THURSDAY, 18 MAY 2017
The five major banks are banned from consulting with their boards, customers or shareholders prior to the implementation of legislation around the new bank levy.

Senior ATO official tangled in $165m fraud scandal

JAMIE WILLIAMSON  |  THURSDAY, 18 MAY 2017
One of the Australian Taxation Office's most senior and long-serving officials is expected to be charged in relation to an Australian Federal Police investigation into an alleged $165 million tax evasion syndicate.

Barclays refunds US$97m for overcharging clients

KARREN VERGARA  |  WEDNESDAY, 17 MAY 2017
Banking and financial services giant Barclays Capital has agreed to refund US$97 million to clients for misrepresenting services and overcharging advisory and mutual fund fees.

SIV Asset Management slams bill claim

ALEX BURKE  |  WEDNESDAY, 17 MAY 2017
SIV Asset Management is currently investigating legal options with regards to a $324,000 bill received from a former subsidiary.

ASIC bans former Avestra directors

ALEX BURKE  |  WEDNESDAY, 17 MAY 2017
Former directors of Avestra Asset Management have been banned from providing financial services for 10 years.