A disgraced Australian businessman has been sentenced to 10 years in jail for his involvement in a A$135m (£74m, $103m, €84m) international tax avoidance scam, bringing an end to what has been described as the largest tax fraud case in the nation’s history.
Old Mutual Wealth is the second provider in a 24 hour period to suspend its transfer value analysis service (Tvas), following the Financial Conduct Authorities (FCA) new rules on pension transfers.
Prison sentences and “unlimited fines” are two draconian penalties HM Revenue & Customs (HMRC) will have at its disposal from next week for UK taxpayers who evaded tax through offshore means in tax year 2017/18.
News that passporting will continue during the Brexit transition period has been welcomed by the founder of a Belgium-based advice firm who has also backed the FCA chief’s calls for the agreement to continue after the UK leaves the EU.
The chief executive of Chinese insurance giant Anbang is facing life behind bars after being put on trial for illegal fundraising, fraud and embezzlement by the country’s regulatory watchdog.
Marlborough hires a head of business development from Brooks Macdonald, the Chartered Institute for Securities & Investment appoints a board chairman, while a former Blackrock employee joins State Street to head ETF model portfolios.
A “fast-tracked” OECD review could decide if the European Union adds the United States to its blacklist for non-cooperative tax jurisdictions, according to media reports.
Complaints about advice companies made to the UK’s Financial Ombudsman Service (FOS) eased across the board in the second half of 2017, while Aviva and Barclays bucked the trend and saw complaints rise, according to updated figures.
Clients of the failed discretionary fund management firm Beaufort Securities and its clearing arm, Beaufort Asset Clearing Services, may be now eligible to claim compensation, after the Financial Services Compensation Scheme (FSCS) declared the two firms in default.
Pension experts have welcomed the clarity the Financial Conduct Authority (FCA) has established for defined benefit (DB) pension transfers through its updated rules. But they warn further, lengthy, consultation may not be the best way to address issues of poor practice that have come to prominence in recent months.
The Financial Conduct Authority (FCA) has backtracked on a proposal to change its position that an adviser should assume that a Defined Benefit (DB) pension transfer is “unsuitable” for a client.
WHIreland hires a PWC partner as non-executive chairman, AIA Singapore announces its next chief technology adviser while HANetf appoints a former Blackfriars employee as director of operations.
