The Labuan International Business and Financial Centre (IBFC) has committed to playing a “facilitative role for cross-border trades and investments particularly in the Asean region”, as the fallout from the Panama Papers continues to ripple around the world.
More than two-in-five (41%) pensioners regret some of the decisions they made before and after their retirement, which have left them struggling financially, according to Prudential.
HM Revenue & Customs has been accused of not doing enough to tackle tax fraud and making “only limited progress” in reducing the UK’s tax losses, according to the House of Commons’ Public Accounts Committee (PAC).
Canada’s Revenue Agency (CRA) has audited 3,000 electronic funds transfers to the Isle of Man, made by around 800 Canadian taxpayers totalling C$860m (£472.2m, $672.5m, €593.4m).
Old Mutual Global Investors (OMGI) is to launch the Old Mutual UK Specialist Equity Fund on 28 April 2016. Subject to regulatory approval, the Ireland-domiciled fund will be registered for sale in a range of European countries and Singapore.
The pace of recruitment is continuing to chug along steadily, with senior changes announced by Eastspring Investments, Tokio Marine, J. Safra Sarasin, and Fiduciary Trust among others.
Axa’s UK life insurance and wealth investment units are reportedly up for sale, in a move that could see the French insurance giant net up to £700m ($997.8m, €875m).
Tracey McDermott, acting chief executive of the UK’s Financial Conduct Authority (FCA), is to leave the organisation on 1 July 2016.
JPMorgan Chase has cut around 30 jobs at its Asian wealth management businesses in Hong Kong and Singapore, as the US bank increases its focus on a smaller pool of wealthier clients.
A film scheme involving the distribution rights to two Disney films is taking HM Revenue & Customs to the UK Supreme Court to defend the £117m ($166m, €145.5m) it received in tax relief.
The UK and Qatari regulators have made senior appointments, while Standard Life Wealth has split its head of business management role in two. Bordier & Cie have poached a senior planner from Aspinalls and are venturing into wealth planning, while Baring AM has appointed a new director.
KBL European Private Bankers (KBL epb) has entered into a preliminary agreement with BNP Paribas Wealth Management to acquire Insinger de Beaufort, a Dutch private bank.
