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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
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
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
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.

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
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
Fatca here to stay as US becomes last global tax haven

Fatca here to stay as US becomes last global tax...

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.

Published : 11, Jan 2017
Guaranteed retirement income products may not be worth it

Guaranteed retirement income products may not...

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.

Published : 11, Jan 2017
Aviva to partner with LinkedIn in hunt for forgotten pensions

Aviva to partner with LinkedIn in hunt for forgotten...

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.

Published : 10, Jan 2017
MitonOptimal swoops on chartered adviser to boost int’l reach

MitonOptimal swoops on chartered adviser to boost...

MitonOptimal International, the Guernsey-headquartered investment management group, has merged with Isle of Man-based investment advisory business, Blythe Financial.

Published : 10, Jan 2017
HMRC under fire for ‘unrealistic’ plans to shut 170 offices

HMRC under fire for ‘unrealistic’ plans to shut...

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.

Published : 10, Jan 2017
Phoenix cashes in £117m from Axa purchase

Phoenix cashes in £117m from Axa purchase

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.

Published : 10, Jan 2017
Five tech trends advisers need to watch

Five tech trends advisers need to watch

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.

Published : 9, Jan 2017
Top HMRC criminal cases of 2016

Top HMRC criminal cases of 2016

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.

Published : 9, Jan 2017
UK court rules £75k pension transfer loan was liberation

UK court rules £75k pension transfer loan was...

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.

Published : 9, Jan 2017
Zurich ordered to pay £223k over IHT advice to British expat

Zurich ordered to pay £223k over IHT advice to...

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.

Published : 6, Jan 2017

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