Can transparency be counterproductive?
Telling clients about all the risks involved in an investment makes it appear less risky and more attractive, a study has found.
Industry
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Budget: HMRC handed more powers to assess offshore tax
HM Revenue & Customs will be able to assess offshore tax non-compliance dating back at least 12 years, triple the current system, under plans announced by chancellor Philip Hammond in the Autumn Budget on Wednesday.
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Sanlam acquires Uganda’s Lion Assurance Company
In a move to expand its visibility in east Africa, Sanlam Emerging Markets (SEM) has acquired Uganda’s Lion Assurance Company for a purchase price of $6.5m.
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Asset managers to ramp up ETF offering
Most asset managers will offer ETFs in the next five years, according to two-thirds of respondents to an EY survey.
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Russian billionaire arrested in France for tax evasion
Despite holding a diplomatic passport, French police arrested one of Russia’s richest men in Nice on Monday in connection with a tax evasion case, the country’s prosecutors have confirmed.
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Analysis: UAE faces up to a new way of doing business
Regulatory changes proposed by the UAE Insurance Authority could completely change the way business is done in the region.
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HSBC fined record HK$400m for Lehman Brothers-related failures
A Hong Kong tribunal has upheld disciplinary action taken against the local branch of HSBC Group’s Swiss private banking business for “material systemic failures” in relation to the sale of structured products, including from Lehman Brothers, in the run up to the global financial crisis.
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PEOPLE MOVES: Stephenson Harwood, Julius Baer, Intertrust
Stephenson Harwood appoints a new partner in Hong Kong, Julius Baer sees a senior exit in the Middle East and raids Barclays Wealth for UK expansion, Intertrust appoints Netherlands head and Brewin Dolphin appoints Axa’s Kellard as a non-exec director.
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DeVere abandons part of South Africa court appeal
DeVere Investment has dropped two of the three points of appeal it lodged after losing a South Africa Labour Appeal Court ruling that it had to pay fired area manager Ross Pennell outstanding commission, notice, and an unpaid bonus.
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Chinese regulator sanctions firms for dodgy insurance products
China’s insurance regulator has banned three life insurance firms from applying for permission to sell new products for six months, after it found they had been offering “problematic” policies.
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Tough measures to tackle cold calling revealed
The government has revealed measures to ban pension cold calling as figures reveal that almost 11 million people, or one in six Brits, are cold-called about their pension each year.
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Analysis: Advisers in Asia are branching out
Shifting demographics and regulation have created greater overlap between the domestic and expat advisory markets, with firms across Asia eyeing opportunities on both sides of the street.