News
Retirement | news 23 Jun 17
Up to £50bn pulled from DB schemes in pension transfers
The amount of money being withdrawn through transfers from defined benefit (DB) pension schemes in the UK has reached a record £50bn since the pension freedoms came into force, according to new figures released by professional service group Mercer.
Tax & Regulation | news 23 Jun 17
UK IFA promoting Brazilian teak scheme enters liquidation
Total Wealth Solutions, which has links to the collapsed Brazilian teak forestry scheme Para Sky Plantation, has entered voluntary liquidation, just months after the UK’s Financial Ombudsman Service (FOS) upheld a complaint against the financial advice firm.
Singaporean firm to build platform for Malaysia’s life insurers
A unit of Singapore-based tech firm Silverlake Axis has won a contract to develop a digital platform for life insurance and takaful providers in Malaysia.
EU’s new tax avoidance law to target Channel Island schemes
Schemes involving transactions to low tax jurisdictions such as Jersey and Guernsey will need to be reported to the European Union, under new legislation aimed at tackling tax avoidance.
Footballer to pay €2m to settle Spanish tax fraud case
Former Manchester United winger Angel di Maria has agreed to pay €2m ($2.2m, £1.76m) to settle tax fraud charges in Spain in the latest high-profile tax scandal to rock the football industry.