10 Chinese banks oppose new asset management rules
New rules from China’s Central Bank that look to tighten regulations in the asset management industry have reportedly been opposed by 10 national joint-stock banks.
Best Practice
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Offshore advisers fear new regulatory burden from HMRC
Offshore advisers have given a cautious thumbs-up to additional requirements to tell HM Revenue & Customs when they set up complex offshore schemes but have expressed concern that legitimate schemes could be targeted as well as abusive ones.
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UK Treasury predicts 16m people will benefit from robo-advice
Asset and wealth managers have been urged to embrace robo-advice in order to reach millions in need of money advice in the UK by an HM Treasury paper published Wednesday.
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HMRC powers worrying for taxpayers
Concern has been raised about the lack of effective safeguards in place for taxpayers, as HM Revenue and Customs continues to develop broader powers to seek payments.
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EU grey list must not let tax havens ‘off the hook’
Oxfam has warned that the EU grey list of non-cooperative jurisdictions for tax purposes should not be treated as a way of letting tax havens “off the hook”, as those named try to get to grips with the implications of their inclusion.
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Standard Life adds cashflow modelling tool for wrap advisers
Advisers will be able to illustrate real time and future financial events to support the advice process pre- and post-retirement by using a new cashflow modelling tool on the Standard Life Wrap platform.
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Aussie advisers banned for Zurich insurance commission scam
In a bid to maximise upfront commission, two Australian financial advisers have been banned from providing financial services for life for falsifying insurance applications on behalf of unsuspecting clients.
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Managing clients’ fear of missing out on Bitcoin
As Bitcoin surges to new heights, how can advisers manage enthusiastic clients’ fear of missing out (Fomo)?
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EU blacklist comes up short on sanctions
The EU has blacklisted 17 jurisdictions, including South Korea and the United Arab Emirates, and put 47 others on notice including Jersey and the Cayman Islands, but it has not said what sanctions or penalties those shamed will face.
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Trusts: How to get the jurisdiction right
Trusts form an important part of UK tax planning and can offer a wide range of opportunities. To advise a client correctly regarding the setting up and maintenance of a trust, it is important to establish if the trust itself is treated as a UK resident trust or a non-UK resident trust, says Canada Life.
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17 jurisdictions on EU tax haven blacklist
The European Council published its blacklist of 17 non-cooperative jurisdictions on Tuesday, including the United Arab Emirates and Bahrain.
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How to advise a family business
Providing financial advice to a family running a business is complex, according to a Europe-wide study that highlighted challenges around growing a business and managing its wealth across generations.