INDUSTRY

UK's Prudential to enter DB transfer advice market

UK's Prudential to enter DB transfer advice market...

UK insurance giant Prudential said it will begin offering clients advice on the increasingly contentious area of defined benefit (DB) pension transfers.

Published : 23, Feb 2017
Axa reports record revenues as CEO rules out Generali bid

Axa reports record revenues as CEO rules out Generali...

French insurer Axa said revenues crossed the €100bn (£84bn, $105bn) mark for the first time in the company’s history as chief executive Thomas Buberl distanced himself from a bid for Generali’s German life insurance business.

Published : 23, Feb 2017
Adviser network Nexus Global expands to Latin America

Adviser network Nexus Global expands to Latin...

European IFA network Nexus Global (NXG) has expanded to Latin America with the addition of EBG International, a Chile-based advice firm that focuses on the financial planning needs of international executives across the region.

Published : 23, Feb 2017
One in 10 calls to the FCA about scams

One in 10 calls to the FCA about scams

More than one in 10 consumers contacting the Financial Conduct Authority (FCA) do so to report a financial scam and to find out what they can do about it, the UK regulator revealed Thursday.

Published : 23, Feb 2017
UK Budget could see further cuts to lifetime allowance

UK Budget could see further cuts to lifetime allowance...

The UK's lifetime allowance (LTA) for pension savers could be slashed again in the Spring Budget next month, according Markas Gilmartin, founding partner of Bristol-based IFA firm Epoch Wealth Management.

Published : 23, Feb 2017
Praemium sacks chief executive Michael Ohanessian

Praemium sacks chief executive Michael Ohanessian...

Australia-headquartered platform provider Praemium has terminated the employment of chief executive and managing director Michael Ohanessian.

Published : 22, Feb 2017
Average life expectancy on the rise around the world

Average life expectancy on the rise around the...

Average life expectancy in high income countries such as the UK, Germany, the US, Australia and Canada is set to increase by 2030 while South Koreans are likely to live the longest, according to research published in the British medical journal Lancet.

Published : 22, Feb 2017
Ombudsman orders deVere UK to compensate client

Ombudsman orders deVere UK to compensate client...

The UK's financial ombudsman has upheld a complaint against deVere and Partners (UK), in part, after a client accused the international advice firm of “passing the buck”, not providing sufficient advice and making poor investment choices.

Published : 22, Feb 2017
Castle Trust launches multi-jurisdictional Rops

Castle Trust launches multi-jurisdictional Rops...

Gibraltar-based Castle Trust Group has launched the Centurion Retirement Plan featuring recognised overseas pension schemes (Rops) in Gibraltar and Malta that allow free switching between the schemes and jurisdictions to suit clients’ changing needs.

Published : 22, Feb 2017
Swiss-Hong Kong fund recognition scheme garners interest

Swiss-Hong Kong fund recognition scheme garners...

The planned Switzerland-Hong Kong mutual fund recognition scheme has already begun to attract interest from Asian fund managers interested in the lucrative Swiss market.

Published : 22, Feb 2017
China to lift 50% foreign ownership cap on life insurers

China to lift 50% foreign ownership cap on life...

China is considering easing the 50% ownership cap on overseas life insurers buying domestic companies in the biggest shakeup of the industry in almost two decades.

Published : 22, Feb 2017
Property scheme investment advice unsuitable: Ombudsman

Property scheme investment advice unsuitable:...

The UK Financial Ombudsman Service (FOS) has determined that advice given to a client by financial advice network The Falcon Group to invest £83,000 ($103,269, €97,263) of his pension fund in a scheme focused on the leisure property industry was not suitable.

Published : 21, Feb 2017
South Africa’s Lombard Life fined by regulator

South Africa’s Lombard Life fined by regulator...

The Financial Services Board (FBS) of South Africa has fined Lombard Life for not complying with rules about informing policyholders of their right to appeal after the company rejected their claims.

Published : 21, Feb 2017
UK tax take hits record highs for January

UK tax take hits record highs for January

The UK government’s tax take is on the rise according to new figures from HM Revenue & Customs for the all-important month of January, when most outstanding tax payments are due.

Published : 21, Feb 2017
Life is tougher for advisers as regulations bite

Life is tougher for advisers as regulations bite...

Financial advisers in the UK, Australia, Hong Kong, Canada and the US have reported that working in the industry is getting harder mainly due to regulatory changes, and they expect to see a shake-out in the next three to five years, according to a survey by Vanguard.

Published : 21, Feb 2017
PEOPLE MOVES: Axa, HSBC, JP Morgan

PEOPLE MOVES: Axa, HSBC, JP Morgan

Axa Life Insurance has lost its head of international brokers in Singapore, while the private banking arms of HSBC and JP Morgan have named regional heads of various European countries.

Published : 21, Feb 2017
Spanish princess’s husband gets six years over €6m tax fraud

Spanish princess’s husband gets six years over...

The brother-in-law of King Felipe VI of Spain has been sentenced to six years in prison and fined more than €500,000 (£426,565, $530,810) after being found guilty of charges including embezzlement, fraud and tax evasion.

Published : 21, Feb 2017
Easier rules for small DB pension transfers considered

Easier rules for small DB pension transfers considered...

The UK government is open to considering a relaxation of the current rules around defined benefit pension transfers where the saver's entitlement is quite small, a new consultation paper released on Monday showed.

Published : 20, Feb 2017
British widow in France refunded over pension advice

British widow in France refunded over pension...

A British widow has been refunded for poor advice she received from a UK adviser while living in France.

Published : 20, Feb 2017
Northern Trust expands in Europe with UBS buy

Northern Trust expands in Europe with UBS buy

US-based Northern Trust Corp is to buy UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland.

Published : 20, Feb 2017

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British widow in France refunded over pension advice
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UK plans to reform DB schemes trigger alarm bells
UK plans to reform DB...

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UK tax office warns on two tax avoidance schemes
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Harlequin boss David Ames charged with fraud
Harlequin boss David...

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