REGIONS

SMP Partners granted Jersey licence

SMP Partners granted Jersey licence

SMP Partners, the Isle of Man-based international corporate and trust service provider, has been granted a licence by the Jersey Financial Services Commission (JFSC) and opened an office on the island.

Published : 16, Jan 2017
Ex-Harlequin accountants appeal $11.6m UK court order

Ex-Harlequin accountants appeal $11.6m UK court...

UK accountancy firm Wilkins Kennedy is appealing against recent a High Court judgement ordering it to pay $11.6m (£9.5m, €10.8m) to Harlequin Property SCG, the company behind the stricken £400m fund.

Published : 16, Jan 2017
Portugal introduces wealth tax on properties over €600k

Portugal introduces wealth tax on properties over...

The Portuguese government has introduced a wealth tax on properties valued over €600,000 (£538,572, $660,108) in a move that could benefit thousands of British expats living in the EU-member state.

Published : 16, Jan 2017
SLI launches Sicav version of MyFolio fund range

SLI launches Sicav version of MyFolio fund range...

Standard Life Investments has launched an international version of its suite of multi-asset funds known as MyFolio, which will be initially available to advisers and their clients in Germany.

Published : 16, Jan 2017
IoM global commission disclosure still two years away

IoM global commission disclosure still two years...

Life companies based on the Isle of Man will have to disclose client commission worldwide from January 2019, the head of the Isle of Man Financial Services Authority (IoMFSA) has confirmed.

Published : 16, Jan 2017
SJP faces backlash for escaping 1% exit charge on pensions

SJP faces backlash for escaping 1% exit charge...

St James’s Place, one of Britain’s biggest wealth managers, has come under fire over claims it will not be caught by an incoming cap on exit charges.

Optimus launches Qnups aimed at UK IFA market

Optimus launches Qnups aimed at UK IFA market

Isle of Man-based pension provider Optimus has launched a new qualifying non-UK pension scheme (Qnups) aimed at wealthy individuals hit hard by the UK’s lifetime allowance cap as well as the annual tax taper.

Published : 16, Jan 2017
US fiduciary rule critic Scaramucci named in new Trump role

US fiduciary rule critic Scaramucci named in new...

A leading critic of the Department of Labor’s (DoL) upcoming fiduciary rule, which will require pension advisers to act in the best interests of their clients, putting an end to high-commission investment products, has been named as an assistant to president-elect Donald Trump.

Published : 13, Jan 2017
UK to crackdown on managers responsible for corporate crime

UK to crackdown on managers responsible for corporate...

The UK government is to toughen laws governing fraudulent or dishonest activity by financial services companies to make it easier to successfully prosecute criminal offences such as fraud, money laundering and false accounting.

Published : 13, Jan 2017
Retail investment and robo-advice top SEC’s 2017 priorities

Retail investment and robo-advice top SEC’s 2017...

The US Securities and Exchange Commission has put retail investor protection and robo-advice at the centre of its examinations programme for 2017.

Jailed 1MDB scandal banker ‘spent $8.2m’ on Australia property

Jailed 1MDB scandal banker ‘spent $8.2m’ on Australia...

The former BSI banker Yeo Jaiwei, ‘sentenced beyond the norm’ for witness tampering by a Singapore court, used a Seychelles-based company to spend $8.2m (£10m, €7.7m) on Australian Gold Coast property, the Guardian has reported.

Published : 13, Jan 2017
Asia Pacific ETF assets lag other regions despite record year

Asia Pacific ETF assets lag other regions despite...

Asia Pacific ex-Japan ETF/ETP assets hit a record high of $135bn (£110bn, €127bn) in 2016, but still only account for 4% of the industry's global assets, according to ETFGI.

Published : 13, Jan 2017
UK charge comparison regime ‘not fit for purpose’

UK charge comparison regime ‘not fit for purpose’...

Key financial illustrations (KFIs) that are intended to help people compare pension and investment product charges in the UK are not fit for purpose and are “the worst possible example of information overload”, says AJ Bell marketing director Billy Mackay.

Published : 12, Jan 2017
Ex-adviser jailed eight years over £4m Cyprus property fraud

Ex-adviser jailed eight years over £4m Cyprus...

A former financial adviser has been sentenced to eight and a half years in prison after being found guilty of defrauding clients out of £4m (€4.6m, $4.8m).

Published : 12, Jan 2017
UK expats need EU healthcare more than Europeans need NHS

UK expats need EU healthcare more than Europeans...

A greater number of British expats rely on European healthcare under the UK’s reciprocal healthcare agreements than European pensioners living on the UK, who use the NHS, according to figures obtained by the BBC.

Published : 12, Jan 2017
UAE commission ban may face 'two-year delay'

UAE commission ban may face 'two-year delay'

The UAE Insurance Authority (IA) is to issue a new draft and open a fresh consultation on plans to tackle high fees and hidden commissions in the life industry after requests for a 'two-year delay', sources have told International Adviser.

Published : 12, Jan 2017
‘Highly unlikely’ Providence investors will get money back

‘Highly unlikely’ Providence investors will get...

Investors in the doomed Guernsey-based Providence Investment Funds have been told it is “highly unlikely” they will receive any money back, as a campaign group is set up on their behalf to target an FCA-regulated firm it claims is behind the funds’ promotion.

Published : 12, Jan 2017
HMRC sees 80% leap in anti-avoidance tax take

HMRC sees 80% leap in anti-avoidance tax take

HM Revenue & Customs boosted revenue from its counter-avoidance directorate by 80% last year, according to figures compiled by law firm Pinsent Masons.

Published : 12, Jan 2017
The 2017 FSA Fund Award winners are...

The 2017 FSA Fund Award winners are...

Here are the Hong Kong winners of Fund Selector Asia's third annual fund management awards.

Published : 12, Jan 2017
Swiss bank Syz exits Asia to focus on Europe

Swiss bank Syz exits Asia to focus on Europe

Switzerland's Banque Syz has closed its asset management unit in Hong Kong to focus on European markets in the latest step towards consolidation in Asia's wealth management industry.

Published : 12, Jan 2017

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