Advisers reluctantly embracing robo-advice
Robo-advice trust, Brexit certainty and profession growth were all major topics covered in Prudential’s latest report on the key issues facing financial advisers in 2017.
Author: Tom Carnegie
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Old Mutual sells majority stake in Nedbank
Old Mutual will reduce its 54% stake in South African lender Nedbank to 19.9% as part of its ongoing plans to restructure and separate its business.
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German regulator demands UK insurers’ Brexit plans
Germany’s financial service regulator, BaFin, is well within its rights to contact UK-based insurers demanding they explain how they plan to handle a no-deal Brexit, says an insurance law expert.
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Expats reprieved on Portuguese pension tax
A widely speculated 10% tax on expat pensions transferred to Portugal has been left out of the country’s 2018 budget, but this does not mean the rule change is not coming, experts warn.
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Hefty $1m penalty a warning to Aussie financial advisers
An Australian financial advice firm has been hit with a A$1m ($766,575, £581,700, €659,100) civil penalty, the first handed out by the Federal Court of Australia for failing to act in the best interests of its clients in accordance with the Future of Financial Advice (Fofa) reforms.
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Glimmer of hope for US expats on citizen-based taxation
The US Republican party is reportedly looking to eliminate requirements for citizens abroad to pay taxes both overseas and in the US, according to UK newspaper the Financial Times.
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PEOPLE MOVES: Lombard Odier, Tilney, Rathbones
Lombard Odier makes two strategic appoints to its Germany and Austria team, Tilney names a business development manager and Rathbones pulls its new equity analyst from Fidelity International.
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Undeclared offshore interests face 200% penalties
The UK tax office is planning to introduce hefty new penalties of up to 200% on taxpayers with undeclared offshore investments, prompting calls from the Association of Taxation Technicians for people to get their affairs sorted sooner rather than later.
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Billionaires buying up sports clubs
The ultra-wealthy are investing in sport at a rate higher than ever before, with more than 140 of the top sports clubs globally now being owned by 109 billionaires, according to a joint UBS Group and PwC report.
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Pension cold calling ban one step closer
The UK’s House of Lords has demanded a ban on pension cold calling be included in the upcoming Financial Guidance and Claims Bill following revelations that cold calls have risen 180% in just 10 months.
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Cayman Islands offers trust alternative
The Cayman Islands have introduced a “unique” law that allows a company to function with the tax benefits of a common-law trust, which could prove an attractive alternative to trusts for private clients.
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UK watchdog recruits public to fight scammers
The Financial Conduct Authority is urging the public to report and speak out against investment scammers after finding that more than a fifth of those contacted by a suspected fraudulent investment firm stay silent.