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UK advisers must record calls under new FCA Mifid II rules

UK advisers must record calls under new FCA Mifid...

Financial advisers in the UK may be required to record phone calls to clients under the Financial Conduct Authority’s (FCA) proposals regarding Mifid II, which also looks at extending the RDR commission ban for portfolio managers.

Published : 29, Sep 2016
Former UK BlackRock fund manager charged with insider dealing

Former UK BlackRock fund manager charged with...

Mark Lyttleton, a former star manager of BlackRock UK Absolute Alpha, has been charged with three counts of insider dealing by the Financial Conduct Authority (FCA).

Published : 29, Sep 2016
Pension tax relief and Isas are ‘never tax avoidance’

Pension tax relief and Isas are ‘never tax avoidance’...

Paying into an Isa or getting pension tax relief can never be tax avoidance, according to Richard Murphy, an economist and long-standing active member of the Tax Justice Network.

Published : 29, Sep 2016
UK watchdog calls to scrap £50k limit on ‘bad’ advice

UK watchdog calls to scrap £50k limit on ‘bad’...

The head of the UK’s Financial Services Compensation Scheme (FSCS) has called for the £50,000 ($64,907,€57,770) limit on payouts for clients who receive bad financial advice to be scrapped.

Published : 28, Sep 2016
Adviser gets extra prison time for failing to repay investors

Adviser gets extra prison time for failing to...

A financial adviser who funded a lavish lifestyle from investments in an unauthorised collective investment scheme has had an extra 603 days added to his prison sentence for failing to comply with a court order to repay investors.

Published : 27, Sep 2016
Trump calls tax avoidance ‘smart’ in live debate with Clinton

Trump calls tax avoidance ‘smart’ in live debate...

Donald Trump called tax avoidance "smart" during the first live US Presidential TV debate with rival Hillary Clinton in New York.

Published : 27, Sep 2016
Dubai regulator fines insurer for sales outside permitted zone

Dubai regulator fines insurer for sales outside...

The Dubai Financial Services Authority (DFSA) has cracked down on an international insurance company based in the DIFC for selling products to customers outside the centre.

Published : 27, Sep 2016
HMRC wins latest battle against adviser's £916m tax-dodging scams

HMRC wins latest battle against adviser's £916m...

The UK tax office has won its tenth legal case against a serial tax avoidance promoter, NT Advisors, after it was found guilty of circulating payments for no other reason other than to generate tax deductions.

Published : 26, Sep 2016
Australian regulator ends legal case against two LM directors

Australian regulator ends legal case against two...

The Australian corporate regulator has abandoned a civil penalty action against two former directors of the collapsed Queensland-based fund manager LM Investment Management (LMIM).

Published : 26, Sep 2016
Clinton proposes 65% inheritance tax for billionaires

Clinton proposes 65% inheritance tax for billionaires...

US presidential candidate Hillary Clinton has proposed raising inheritance tax paid by ultra-rich Americans to 65% on property valued at more than $500m (£385m, €445m), in a bid to appeal to the supporters of her former Democratic rival, Bernie Sanders.

Published : 26, Sep 2016
Asset managers, life co's seek clarity on new UAE fund laws

Asset managers, life co's seek clarity on new...

Life companies are calling for more clarity on how new laws covering mutual funds offered for sale within their products in the UAE will work in practice, while asset managers have begun the process of deciding which products to offer.

Published : 26, Sep 2016
Bahamas files leak exposes former EU official's links to offshore firms

Bahamas files leak exposes former EU official's...

A new cache of 1.3 million documents from the Bahamas has exposed the use of offshore shell companies by the former EU competition commissioner Neelie Kroes and UK politician Amber Rudd.

Published : 22, Sep 2016
HFM Columbus warns UK non-doms of 'pitfalls' with IPP drawdowns

HFM Columbus warns UK non-doms of 'pitfalls' with...

UK-based wealth manager HFM Columbus has warned non-domiciled UK residents of the pitfalls of making large withdrawals from their international pension plans (IPP) ahead of changes to rules governing remittances.

Published : 22, Sep 2016
France, Germany and Italy fighting EU-wide ban on commission

France, Germany and Italy fighting EU-wide ban...

France, Germany and Italy are fighting against introducing a complete ban on commission in their financial services industries despite pressure from the EU, according to Michael Lodhi, chairman of Luxembourg-based Spectrum IFA Group.

Published : 21, Sep 2016
US introducing RDR ‘through the backdoor’

US introducing RDR ‘through the backdoor’

Recent moves in the US suggest that the country is bringing in its own version of the retail distribution review “through the backdoor”, according to Capgemini Consulting’s Rod Bryson.

Published : 21, Sep 2016
UK to change definition of ‘advice’ in line with Mifid

UK to change definition of ‘advice’ in line with...

The UK government has launched a consultation on changing the definition of financial advice, so that only a personal recommendation for a product is considered advice which will be regulated.

Published : 21, Sep 2016
Over 20 EU states call for one-year delay to Priips roll out

Over 20 EU states call for one-year delay to Priips...

Twenty-three countries in the European Union have backed a 12-month delay to the introduction of the controversial Priips legislation, following a landmark rejection of its regulatory technical standards (RTS) by the European parliament (EP) last week.

Published : 20, Sep 2016
Guernsey regulator fines Louvre Fund and two directors

Guernsey regulator fines Louvre Fund and two directors...

Guernsey-based Louvre Fund Services and two of its executive directors have been fined under the island’s protection of investors law.

Published : 19, Sep 2016
HMRC rakes in £126m from lifetime allowance penalties

HMRC rakes in £126m from lifetime allowance penalties...

HM Revenue & Customs has reported a significant rise in the number of British savers breaching the lifetime pension allowance (LTA) over the past year, collecting £126m ($163m, €146m) in additional tax revenue between 2015/16, up 38% from £78m the previous year.

Published : 19, Sep 2016
Indonesia assures expats using amnesty over tax evasion threat

Indonesia assures expats using amnesty over tax...

Indonesia’s government has reassured participants of its tax amnesty programme that they will not be prosecuted for tax evasion after it emerged last week that private banks in Singapore are sharing with police the details of wealthy clients using the programme.

Published : 19, Sep 2016
Dubai regulator fines insurer for sales outside permitted zone
Dubai regulator fines...

The Dubai Financial Services Authority (DFSA) has cracked...

Australia's Westpac to remove sales incentives for staff
Australia's Westpac to...

One of Australia's big four banks, Westpac Banking...

Australian stockbroker took financial ‘advice’ from psychic
Australian stockbroker...

The head of a failed Australian stockbroking firm,...

Australian regulator ends legal case against two LM directors
Australian regulator...

The Australian corporate regulator has abandoned a...

Novia Global expands into Middle East, teams up with PWS
Novia Global expands...

Novia Global, the international platform arm of UK-based...

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