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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.
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.
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.
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.
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.
The US Securities and Exchange Commission has put retail investor protection and robo-advice at the centre of its examinations programme for 2017.
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.
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).
HM Revenue & Customs boosted revenue from its counter-avoidance directorate by 80% last year, according to figures compiled by law firm Pinsent Masons.
The United States will become the last global tax haven as the Common Reporting Standard (CRS) comes into force, making a repeal of Fatca very unlikely, says Nuri Katz, chief executive and founder of Apex Capital Partners.
Retirement income products with guarantees, offered by many life companies in the UK as an alternative to the old fashioned annuity, do not offer value for money in most cases, according to a study by Milliman, an international consultancy group.
British insurer Aviva is in talks to team up with social media giant LinkedIn to create a scheme to track millions of forgotten pension pots.
MitonOptimal International, the Guernsey-headquartered investment management group, has merged with Isle of Man-based investment advisory business, Blythe Financial.
HM Revenue and Customs (HMRC) could be forced to abandon plans to shut 170 local branches after the UK government’s spending watchdog accused the tax office of being “unrealistic” over its restructure plans.
Closed book provider Phoenix has said integrating the recently-bought pensions and protection businesses from Axa has generated more than £117m (€135m, $143m) in cash.
Adviser platforms, wealth managers, and financial advisers need to keep five key technology trends in mind as they navigate the ever-shifting financial services landscape, according to Alex Kerry, head of Winterflood Business Services.
HM Revenue & Customs (HMRC) has revealed its 10 most significant fraud and organised crime cases of 2016. In the ongoing fight against tax evasion, HMRC prosecuted a range of tax fraudsters leading to 679 individuals being convicted for their part in tax crimes, with sentences for 2016 totalling more than 730 years.
A UK court has ruled that a £75,000 ($92,106, €87,429) loan taken out by a client to fund investments as part of a pension transfer was a form of pension liberation and should be subject to tax.
A UK judge has ordered Zurich to pay damages of £223,000 ($275,211, €261,185) over wrong advice given to a British expat looking to reduce her inheritance tax (IHT) liability.
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