US tax evaders face 10-fold penalty hike
Offshore tax evaders face penalties up to 10 times the current sentencing guidelines after the US Department of Justice (DOJ) announced a major policy shift.
Industry
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FCA slammed for failings linked to passporting Cyprus adviser
The Financial Conduct Authority has promised to clarify the limitations of consumer protection where a firm is in another jurisdiction after the Complaints Commissioner criticised its handling of an EU-passported financial adviser from Cyprus and recommended it apologise to the investors at the heart of the complaint.
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People Moves: J Safra Sarasin, Aviva and Julius Baer
J Safra Sarasin has bolstered its ultra-high net worth team in Singapore, while an equities heavyweight has resurfaced at Aviva Investors and Julius Baer has nominated an ex-Goldman Sachs alum to its board of directors.
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Implications of blacklisting for UAE
UAE officials should not be overly concerned about the jurisdiction’s inclusion in the European Union’s tax haven blacklist, despite pledging to get it removed, an international tax expert has said.
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ANZ sells life insurer to Zurich
Zurich Insurance Group has entered into an agreement to acquire 100% of ANZ Bank’s Australian life insurance business.
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Old Mutual Intl takes balanced approach with UK bond
Old Mutual International (OMI) has launched a trust-based bond that looks to balance access to capital with inheritance tax planning and give control over the future distribution of assets.
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EEA Investors in danger of missing $90m deadline
Holders of more than 870,000 EEA shares have not acted to stop their funds from potentially being automatically reinvested in similar products, warns action group EEA Investors’ Group.
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Brits struggle to understand pension freedoms
Nearly half of the UK’s upcoming retirees are unsure of how to access their pensions and are worried that what they have saved will not last their retirement, according to research by Old Mutual Wealth.
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Investec expects profit hit from S. African retail investment
Investec has moved to reassure investors that its exposure to the Steinhoff Group of companies will result in a maximum potential loss of around 3% of group post-tax operating profit after the South African retailer was accused of accounting irregularities.
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Expats unhappy with May’s Brexit deal
Angry British expats in Europe have reacted with “shock and surprise” at the Brexit deal struck between the EU and the UK.
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IDAD on why investors should take a fresh look at structured notes
Structured products should have a place in any investor’s modern portfolio, especially where pension transfers are concerned, explains Graeme McCallion, Africa sales manager of iDAD.
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Convoy chairman arrested at airport
The chairman of embattled IFA firm Convoy Financial has reportedly been arrested at Hong Kong airport by the region’s Independent Commission Against Corruption (ICAC), just days after three other senior executives were taken into custody on charges relating to corruption.