United Kingdom
Tax & Regulation | 22 Jul 16
FCA raps insurers and brokers for poor controls over reps
The UK Financial Conduct Authority says it has identified “serious and widespread” issues with how general insurance companies and brokers manage their networks of authorised representatives.
Tax & Regulation | 22 Jul 16
Isle of Man approves new Alternative Banking Regime
The Isle of Man parliament has passed the laws which will establish a new Alternative Banking Regime (ABR) allowing two additional types of banking licences to be offered on the island.
Tax & Regulation | 22 Jul 16
UK supreme court ruling could see insurance premiums rise
The UK supreme court has ruled that lies that do not impact an insurance claim should not necessarily invalidate the policy, but an industry body has warned that the ruling is a “blow for honest customers”.
Suspended UK property funds show model portfolio limitations
The UK’s largest open-ended property funds gated flows or implemented exit charges to prevent a post-Brexit run on the asset class earlier this month, trapping £15bn ($19.8bn, €18bn) of investors’ cash and casting a cloud over the City. But many flexible investors were able to see the warning signs and evade the net, says David Coombs, Rathbones’ head of multi-asset investments.
Tax & Regulation | 21 Jul 16
Three UK advisers arrested in £132m tax-dodging fraud
Three UK tax advisers have been arrested as part of a HM Revenue & Customs (HMRC) investigation into a suspected £132m ($173m, €157m) fraud involving offshore trusts.