Thursday newspaper round-up: Thames Water, Epstein, Macquarie Group

(Sharecast News) - Levels of a toxic "forever chemical" rose to 13 times the legal limit during Thames Water pilots for a controversial multimillion pound water recycling scheme that will pump millions of litres of treated sewage into the River Thames during drought. The data from the pilots is in stark contrast to public comments from Thames Water that their water recycling project in south-west London will not harm the riverine environment. - Guardian Former JPMorgan Chase executive Jes Staley told US lawmakers he repeatedly shared confidential and market-sensitive bank ⁠information with Jeffrey Epstein and ⁠was at one ​point named as a trustee of his estate, according to a transcript released by the House oversight committee on Wednesday. These admissions come as lawmakers investigate the late convicted ⁠sex offender's ties with political and business elites. Staley appeared before the committee in July as part of its investigation into Epstein and his associate Ghislaine Maxwell. Transcripts ⁠from the meeting were released on Wednesday. - Guardian

Octopus's inheritance tax scheme has been ditched by a string of leading wealth managers amid growing scrutiny over the fund's performance. St James's Place (SJP), Fairstone Group and Openwork Partnership, which advise millions of customers, have all stopped recommending the Octopus Inheritance Tax Service (OITS). OITS, a subsidiary of Octopus Group, has raised money from 18,000 pensioners with the promise of lowering their inheritance tax bills by investing in businesses to qualify for relief. - Telegraph

The boss of a collapsed British shadow bank accused of £1.3bn fraud had been declared bankrupt shortly before he launched the company, it has emerged. Paresh Raja, who led mortgage lender Market Financial Solutions (MFS), was made bankrupt over a £350,000 debt just a year before the business started. He has been accused of "plundering" MFS to fund a lavish lifestyle that included buying "a vast number of cars" such as three Aston Martins, two Mercedes, six Ferraris and three Rolls-Royces. - Telegraph

One of Australia's biggest investment companies has dropped KPMG as its new auditor as the firm faces "continued scrutiny" by the country's parliament. Macquarie Group said it would no longer recommend the appointment of KPMG Australia as its auditor at its annual shareholder meeting, and would instead maintain PwC in the role. The audit generates almost A$75 million (£40 million) a year in fees and is one of the most lucrative in Australia. - The Times