Tax & Regulation
Claims over ‘risky’ Sipp investments up nearly 35%
The Financial Services Compensation Scheme (FSCS) forked out £105m ($135.6m, €119.1m) in 2016/17 to compensate clients who were wrongly advised to transfer their savings into “risky assets” held in self-invested personal pension schemes (Sipps).
Best Practice | 12 Jul 17
Isle of Man regulator steps up anti-money laundering crackdown
The Isle of Man financial regulator is taking action against anti-money laundering and terrorist financing with new guidance rules aimed at “avoiding a tick-box approach” to assessing the risk of customer involvement in such activities.
Jailed 1MDB banker sentenced to four more years for cheating
A Singapore court has found former BSI Singapore banker Yeo Jiawei guilty of further charges of money laundering and cheating in relation to billions of dollars allegedly misappropriated from the 1Malaysia Development Berhad (1MDB) state fund.
Middle East | 11 Jul 17
Alleged fraudsters in £172m Abu Dhabi car scam deny charges
More than 50 arrested people have denied charges of conducting the biggest scam in Abu Dhabi history, which allegedly swindled more than 2,000 investors out of AED800m (£172m, $218m, €195m).
Tax & Regulation | 10 Jul 17
UK IFA under fire over Sipp transfer into Saint Lucia property
A UK-based advice firm which recommended a Sipp transfer, has been ordered to compensate the client after she went on to invest her entire pension pot in a high-risk property venture in Saint Lucia.