Tax & Regulation
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).
Insurance linked contracts will ‘not be torn up’ by Brexit
Brexit will not necessarily invalidate insurance linked contracts, according to Lombard International’s associate director of wealth structuring solutions.
Tax advice firm offers criminal liability safety net to advisers
UK tax dispute resolution specialists Hamilton Rose is predicting a fresh wave of tax evasion and avoidance disclosures to HM Revenue & Customs from financial advisers and their clients and is offering a service to help advisers and corporates minimise potential liabilities.