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Firms late with Mifid paperwork need emergency plans, says FCA

Firms late with Mifid paperwork need emergency...

Financial firms that have missed the deadline to submit crucial information for compliance with Mifid II rules must have contingency plans in place, the UK’s Financial Conduct Authority (FCA) has warned.

Published : 25, Jul 2017
DeVere CEO slams South African expat tax as discriminatory

DeVere CEO slams South African expat tax as discriminatory...Lock icon

South Africa’s decision to tax expats and overseas workers on their foreign income is totally unjust, highly discriminatory and achingly regressive, says deVere Group founder and chief executive Nigel Green.

Published : 25, Jul 2017
Jailed ex-Schroders trader ordered to pay £350k to FCA

Jailed ex-Schroders trader ordered to pay £350k...

A UK judge has ruled the Financial Conduct Authority can claw back £350,000 ($455,837, €391,249) from a former Schroders fund manager convicted of insider dealing.

Published : 25, Jul 2017
S Africa to scrap tax exemption for expats, overseas workers

S Africa to scrap tax exemption for expats, overseas...

South Africans living and working in no and low tax jurisdictions will no longer be exempt from paying tax on their overseas earnings from March 2019 under proposals from the country’s Revenue Services (Sars).

Published : 24, Jul 2017
Japan’s regulator steps up disclosure duties for life insurers

Japan’s regulator steps up disclosure duties for...

Japan’s financial watchdog, the Financial Services Agency (FSA), is asking life insurance companies to become more scrupulous investors by adhering to a new stewardship code.

Published : 24, Jul 2017
St James’s Place fails on disclosure says UK consumer watchdog

St James’s Place fails on disclosure says UK consumer...Lock icon

Financial advisers from St James’s Place are failing to comply with rules on transparency around charges and some are misleading potential customers about what they can offer, an investigation by UK consumer watchdog Which? has found.

Is the FCA barking up the wrong tree over platforms?

Is the FCA barking up the wrong tree over platforms?...

The Financial Conduct Authority wants to use the platform review to drive more competition in the asset management sector, but experts are asking whether it is looking in the wrong place.

Ex-Credit Suisse banker guilty in US offshore tax case

Ex-Credit Suisse banker guilty in US offshore...

A former Credit Suisse banker who helped wealthy Americans dodge millions of dollars in income taxes for nearly a decade has pleaded guilty.

Published : 21, Jul 2017
Europe’s fund industry facing dispersal as Brexit looms

Europe’s fund industry facing dispersal as Brexit...

Whatever the outcome of the Brexit process now under way, the shape of the asset management industry in Europe is set to change substantially, a report by the CFA Institute has found.

Published : 21, Jul 2017
UK platform inquiry a ‘red herring’ says Novia CEO Vasilieff

UK platform inquiry a ‘red herring’ says Novia...Lock icon

The Financial Conduct Authority's (FCA) inquiry into online platforms risks focusing on the wrong issues and could fail to yield a good result for clients, according to industry expert and Novia chief executive Bill Vasilieff.

Published : 21, Jul 2017
Italian tax police demand details of 10,000 Swiss accounts

Italian tax police demand details of 10,000 Swiss...

Italy’s tax police have asked Switzerland's Federal Tax Administration for information regarding €6.7bn (£5.9bn, $7.7bn) that has been deposited in the country by Italian citizens.

Published : 20, Jul 2017
FCA signs cooperation agreement with Hong Kong regulator

FCA signs cooperation agreement with Hong Kong...

The UK Financial Conduct Authority (FCA) has signed an agreement with the regulatory authority in Hong Kong to strengthen cooperation and facilitate the exchange of information.

Published : 20, Jul 2017
Five common mistakes UK expats make about domicile and tax

Five common mistakes UK expats make about domicile...Lock icon

British expats still have some crucial misunderstandings about their domicile status and tax position that could leave them and their loved ones financially exposed and even land them in trouble with HM Revenue & Customs, warns Rachael Griffin, financial planning expert at Old Mutual Wealth.

Crocodile Dundee tax fraudster to fight extradition

Crocodile Dundee tax fraudster to fight extradition...

The Jerseyman allegedly at the centre of Australia’s biggest ever tax evasion scandal, that included Crocodile Dundee star Paul Hogan among its victims, is fighting attempts to extradite him from Italy to face charges down under.

Published : 19, Jul 2017
Non-resident Indians face tough new disclosure rules

Non-resident Indians face tough new disclosure...

Non-resident Indians around the world will have to disclose offshore bank account details in tax returns for the first time this year, as part of a tough transparency crackdown by their home country’s tax office.

Published : 18, Jul 2017
FCA reveals 8 firms rapped for pension transfers last year

FCA reveals 8 firms rapped for pension transfers...Lock icon

The Financial Conduct Authority has confirmed that it took action to stop eight UK firms, including deVere and Holborn, conducting and/or arranging overseas pension transfers in the last financial year but has declined to name them all.

Published : 17, Jul 2017
FCA to focus on 'value for money' in platform probe

FCA to focus on 'value for money' in platform...

The Financial Conduct Authority (FCA) has launched a review aimed at assessing whether investment platforms, including those offered by life companies, operate in the customer’s best interests.

Published : 17, Jul 2017
Four reasons why HMRC had a bumper year

Four reasons why HMRC had a bumper yearLock icon

Latest figures from the UK tax office show that it netted £29bn ($37.6bn, €32.9bn) in the past year just by cracking down on tax evaders, with overall tax coffers up 7% to £580bn in 2016/17. Here’s a breakdown of why HMRC is having a record year in revenues, according to its annual report.

Published : 17, Jul 2017
EU warns regulators to stop ‘letter box’ investment firms

EU warns regulators to stop ‘letter box’ investment...

A European watchdog has urged a crackdown on investment firms setting up ‘letter box’ entities across the continent in the wake of the Brexit vote.

Published : 14, Jul 2017
FCA fines compliance officer for pension transfer failings

FCA fines compliance officer for pension transfer...

The UK watchdog has fined a compliance oversight officer after two companies he worked for gave unsuitable advice to around 500 customers who transferred £12.7m ($16.4m, €13.6m) out of their DB pension schemes.

Published : 14, Jul 2017

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Five common mistakes UK expats make about domicile and tax
Five common mistakes...Lock icon

British expats still have some crucial misunderstandings...

St James’s Place fails on disclosure says UK consumer watchdog
St James’s Place fails...Lock icon

Financial advisers from St James’s Place are failing...

UK platform inquiry a ‘red herring’ says Novia CEO Vasilieff
UK platform inquiry a...Lock icon

The Financial Conduct Authority's (FCA) inquiry into...

S Africa to scrap tax exemption for expats, overseas workers
S Africa to scrap tax...

South Africans living and working in no and low tax...

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