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
Is your DFM offering value for money?

Is your DFM offering value for money?Lock icon

Investors can assess whether a DFM offers value for money by unbundling the DFM’s service into admin costs, market access costs and applied research, and allocating a "reasonable cost to each", a consultancy claims.

Published : 25, Jul 2017
Epic Saudi fraud trial coming to a close in Cayman court

Epic Saudi fraud trial coming to a close in Cayman...

One of the biggest trials in Cayman Islands history involving the Middle East’s longest-running business feud is coming to an end after a year in court.

Published : 25, Jul 2017
PEOPLE MOVES: Lombard Odier, J O Hambro, PPF

PEOPLE MOVES: Lombard Odier, J O Hambro, PPFLock icon

Lombard Odier’s global chief investment officer has announced his retirement, while J O Hambro has hired two sales managers. Meanwhile, the boss of the Pension Protection Fund is to leave after nine years at the helm of the UK’s pensions lifeboat.

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
UK advisers backing multi-asset funds

UK advisers backing multi-asset funds

More than a third (36%) of UK advisers are mainly using multi-asset strategies with clients, up from less than a fifth (18%) last year, research from Aegon UK has found.

Published : 25, Jul 2017
International Adviser magazine goes digital

International Adviser magazine goes digital

After 12 years of printing monthly copies, International Adviser is going digital from September. This exciting development will allow us to shape our content differently as the markets around the world evolve.

Hong Kong’s Mason plans acquisitions for wealth unit launch

Hong Kong’s Mason plans acquisitions for wealth...

Hong Kong financial company Mason Group Holdings has announced plans to build an offshore wealth management business with at least $3bn (£2.3bn, €2.5bn) in assets from the ground up through a series of acquisitions.

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
OMI unveils offshore bond for Middle East and Africa

OMI unveils offshore bond for Middle East and...

Life insurer Old Mutual International (OMI) has launched an offshore bond for advisers in the Middle East and Africa as part of a revamp of its global offshore bond range.

Published : 24, Jul 2017
Thousands of expats race against time as Saudi amnesty closes

Thousands of expats race against time as Saudi...

A Saudi Arabian expat amnesty that allows undocumented workers and residents to leave the country without facing any penalties has prompted a rush as people try to take advantage of the offer before it expires on Monday.

Published : 24, Jul 2017
More UK life insurers offering cover to British expats

More UK life insurers offering cover to British...Lock icon

More than a quarter of UK life insurance companies now offer life products to British citizens living abroad, research from Unusual Risks Mortgage & Insurance Services has found.

Published : 24, Jul 2017
Commonwealth Bank positions life business for sale

Commonwealth Bank positions life business for...

The Commonwealth Bank of Australia (CBA) is reportedly looking to sell its life insurance business but the move in not linked to recent regulatory changes requiring the country’s biggest banks to hold billions in extra capital.

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.

Fund buyers to extend emerging market debt binge

Fund buyers to extend emerging market debt binge...Lock icon

Emerging market bonds have been on a strong run this year, and Europe’s investors think the rally isn’t over yet.

Published : 24, Jul 2017
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
IoM’s collapsed Louis Group gets second director ban

IoM’s collapsed Louis Group gets second director...Lock icon

A second Isle of Man director of South Africa-headquartered Louis Group, which saw 700 investors lose at least £60m ($78m, €67.4m), has been disqualified as a director.

Published : 21, Jul 2017
PEOPLE MOVES: BNP Paribas AM, Neuberger Berman, Hawksford

PEOPLE MOVES: BNP Paribas AM, Neuberger Berman,...Lock icon

BNP Paribas Asset Management has hired a new head of client sales for its marketing division and Neuberger Berman has a new Chinese equities portfolio manager. Meanwhile, Minerva Trust’s Wendy Inns is set to rejoin Hawksford after two years away from the company.

Published : 21, Jul 2017

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