IFA jailed for forging signatures
A former financial adviser who was found guilty of forging clients’ signatures to invest their cash into a high-risk fund that later went bankrupt has been sentenced to seven years in prison.
Industry
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Tax avoiders targeted in HMRC recruitment drive
HM Revenue & Customs’ spending on staff to target tax avoiders rose 7% over the past 12 months, increasing headcount at its Counter-Avoidance Directorate (CAD).
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No safety net for life policy part surrenders
HM Revenue & Customs will be able to review “disproportionate” tax bills slapped on people who withdraw money from their life policies but “it is crucial that this isn’t seen as a safety net”, warns Old Mutual Wealth tax and financial planning expert Rachael Griffin.
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No cold calling ban but Finance Bill rolls out key reforms
The latest UK Finance Bill has not included a ban on pensions cold calling but has reduced the non-domicile threshold and implemented cuts to the money purchase annual and tax-free dividend allowances.
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PEOPLE MOVES: Old Mutual Wealth, Enhance Group, LGT Vestra
Wealth management firm Old Mutual Wealth gears up for its proposed demerger and listing on the London and Johannesburg Stock Exchanges next year with a flurry of top level appointments. While Jersey-based wealth consultancy Enhance Group gets a new chief executive and chairman.
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Intelligent Money launches platform for inactive IFA clients
Investment manager and Sipp provider Intelligent Money has launched a white-labelled investment tool that allows advisers to offer a low-cost proposition to inactive clients they no longer serve face-to-face.
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Hansard and Fidelity unveil retail client risk profiling tool
Isle of Man-based savings provider Hansard International has teamed up with global asset manager Fidelity International to launch a tool to help financial advisers identify the risk profile of retail clients.
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Franklin Templeton launches smart beta ETFs for Europe
US fund giant Franklin Templeton launched its first range of exchange traded funds (ETFs) for European investors on Friday, chosing four global equity smart beta products to lick off the offering.
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Conflict of views on offshore bond IHT rules vexes adviser
Two international life companies gave conflicting views on the tax treatment of offshore bonds to chartered financial planner Patrick Murphy, of Zen Wealth, in his quest to offer fee-based advice for his UK domiciled clients who have been tax resident in Spain for 10 years.
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Zurich names Peter Huber as CEO of international business
Peter Huber has been appointed chief executive of Zurich International, bringing together as one team the insurer’s international life businesses in the Middle East and Isle of Man and Zurich International Corporate Solutions, including Zurich Eurolife.
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Clive Baker departs in shake up at Zurich Int’l Life
After five years as chief executive of Zurich International Life based on the Isle of Man, Clive Baker has “decided to move on to new opportunities”, the company has confirmed to International Adviser.
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BNP Paribas AM buys majority stake in Belgian robo-adviser
BNP Paribas Asset Management has acquired a majority stake in Gambit, a Belgian fintech firm that will become the preferred partner for robo-advisory solutions for BNP’s retail and wealth management networks.