Bad advice sees Aussie banks pay A$51m
Australia’s five largest banking and financial services institutions have paid a further A$21.4m in compensation to customers who suffered losses because of “non-compliant conduct” by financial advisers, taking the total to A$51.4m (£29m, $41m, €33m). More claims are expected.
Mark Mobius to launch his own EM fund – report
The emerging markets optimist is reportedly starting his own fund management firm and has also joined the investment committee of Mumbai-based venture capital firm Equanimity Investments, according to local media reports in India.
Failed Scottish Widows merger behind Lloyds’ £109bn exit
A failed merger between Lloyds Banking Group’s subsidiary Scottish Widows and Standard Life Aberdeen’s pension and assurance arm was behind the FTSE 100 bank’s decision to terminate its contract with the fund group, it was revealed over the weekend.
Asian investment bank gains Ucits licence
A Luxembourg subsidiary of Asia-headquartered Nomura Bank has been granted a licence to operate as a Ucits management company.
Best Practice | 19 Feb 18
Panama Papers to net UK taxman extra £100m
Investigations into the Panama Papers are expected to generate £100m ($140m, €113m) in additional tax, HM Revenue & Customs confirmed to law firm Collyer Bristow.