Landmark FCA market abuse fine hits £70,000
An Aim-listed investment company has been fined by the Financial Conduct Authority for failing to disclose inside information, the first such ruling since market abuse regulations came into force in 2016.
Industry
-
-
New Earth owner has licence revoked
Isle of Man-based Premier Group (PGIOM), the company behind the ill-fated £300m New Earth Group of funds, has had its financial services operating licence revoked by the island’s regulator.
-
Advising British Steel pension transfers too risky, says SJP
Continuing to provide defined benefit pension transfer advice to members of the British Steel Pension Scheme (BSPS) could put St James’s Place “outside its risk appetite”, the firm said.
-
Manulife targets 474 million Chinese customers
Manulife is to join forces with the Agricultural Bank of China to explore potential business opportunities in retirement and related businesses in China.
-
SJP stops British Steel pension transfers amid industry scam concerns
The chair of the UK’s Work and Pensions Select Committee has described the British Steel Pension Scheme as a “honeypot for scammers”, as St James’s Place confirms it has stopped accepting transfer requests from scheme members in an unrelated move.
-
South Africa to reinstate tax courts
With a growing number of South Africans not submitting tax returns, the nation’s revenue service is looking at bringing back tax courts in a bid to step up its enforcement efforts.
-
Police probe STM despite court threat
Anti-money laundering officers are investigating STM Group in Gibraltar despite a month old court bid designed to block the police inquiry.
-
Convoy raids put Hong Kong firms on notice
Hong Kong’s financial services firms can expect greater regulatory scrutiny as an unprecedented joint probe by the Independent Commission Against Corruption (ICAC) and the Securities and Futures Commission (SFC) paves the way for future investigations.
-
Fraudster given 400 extra days in prison
A UK conman who cold called and pressurised investors has been given additional jail time for failing to pay back ill-gotten gains.
-
Ex-financial planner given wrist slap for forgery
An Australian court has fined a former Commonwealth Bank of Australia (CBA) financial planner just A$3,000 for forging 33 documents but stopped short of recording a formal conviction against him.
-
UAE exploring more taxes
The UAE Government is considering introducing further taxes in addition to value-added tax but has confirmed that a levy on income will not be up for discussion.
-
LatAm advice industry ‘picking up speed’
The advice market in Latin America is picking up speed, according to Temenos’ regional director Enrique O’Reilly who sees three key trends backing up a positive economic picture.