Tax & Regulation
HMRC pulls pension calculator after Royal London pressure
HM Revenue & Customs knew its pension tax calculator was giving incorrect data to users, but only pulled it once Royal London’s director of policy publicly slammed the tool.
UK Ombudsman faces grilling after TV exposé
Following accusations of poor training by an investigative television programme, the UK’s Treasury Select Committee has set out “important points of principle” it expects to be reflected in the review of the Financial Ombudsman Service (FOS).
UK compensation scheme declares 11 firms in default
The Financial Services Compensation Scheme (FSCS) declared 11 firms in default during March 2018, meaning that consumers could get back money they have lost.
AMP admits misleading Aussie regulator over fees
The group executive of advice at financial services giant AMP has admitted the firm intentionally misled Australia’s regulator over fees, as the Royal Commission into banking, superannuation and financial services targets financial advice.
Guernsey trust company fined for regulatory failings
An investigation by the Guernsey Financial Services Commission identified serious instances of governance and operational failings at Guernsey-based trust company Richmond Fiduciary Group, resulting in a fine of £45,500 ($64,759, €52,508).