Regions
EU concerned over IoM’s ‘limited’ beneficial ownership data
EU officials have raised concerns over the Isle of Man’s beneficial ownership rules, revealing that limited data on the ultimate owners of companies registered to the island could make the crown dependency “vulnerable” to money laundering.
North America | 27 Jan 17
Citigroup fined for overcharging 60,000 clients for advice
Citigroup Global Markets has agreed to pay $18.3m (£14.5m, €17.1m) to settle charges in the US that it overcharged around 60,000 clients £18m for advice and misplaced contracts over a 15-year period.
Europe offers investors great opportunities, says Fidelity’s McQuaker
A pickup in growth and earnings on the horizon in Europe offers investors could outweigh the political risks that many have focused on leaving its markets undervalued, according to Fidelity International’s Bill McQuaker.
Tax & Regulation | 27 Jan 17
HMRC under fire for £1bn fall in wealthy tax take
HM Revenue & Customs has come under attack for not explaining a near £1bn (€1.17bn, $1.25bn) drop in income tax receipts from high net worth individuals in a scathing new report by a UK parliament select committee.
Best Practice | 27 Jan 17
Fee-based 1% model ‘overcharging’ UK clients, study finds
UK consumers are being overcharged by advisers who levy a percentage point fee on the value of the assets a client invests, with too much money going into the pockets of wealth managers, according to a new report by Capital Asset Management.