Five ways international pension transfers are changing
Pension transfers are “good business for good advisers”, according to Old Mutual Wealth, which has produced a five step best practice guide for international advisers.
Tax & Regulation
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UK compensation scheme declares 8 firms in default
A raft of UK financial advice firms were declared in default by the Financial Services Compensation Scheme (FSCS) during April, meaning consumers could get back money they have lost.
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Isle of Man ready to fight UK Govt over public register
The Isle of Man was ready to “vigorously challenge” the UK Government if it imposed a public register of beneficial owners on the crown dependency, its chief minister Howard Quayle has revealed.
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Bahrain rejects expat remittance tax
Bahrain’s government has voted against a proposal to tax expat remittances, after it was deemed unconstitutional by the jurisdiction’s financial and economic affairs committee.
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Insurer AMP faces two class action lawsuits
After a bruising appearance at Australia’s Royal Commission, AMP has been served with two class action proceedings, while the firm’s interim chief executive offers a mea culpa and shareholders reject pay proposals.
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Australia moves to stop erosion of superannuation funds
The Australian Government has unveiled plans to ban exit fees and cap administration and investment fees to protect super accounts with low balances from excessive erosion.
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Beaufort clients face covering £100m liquidation costs
Clients of collapsed Beaufort Securities could lose up to 40% of the value of their holdings to cover liquidation costs, bringing into question the whole system of regulatory and legal protection of investors in the UK, according to campaign group ShareSoc.
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Aussie advisers to pay for Royal Commission clean up
Financial institutions and advisers will be hit with higher levies after the Australian Government announced additional funding for two regulatory bodies to support their work with the ongoing Royal Commission.
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UK working pensioners to pay National Insurance?
UK pensioners who are still working could have to pay National Insurance (NI) contributions to help fund their care in later life, according to plans being considered by the government.
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Landmark ruling restores confidence in Channel Island trusts
Confidence in the security of assets held in Jersey and Guernsey trusts has been restored following a recent ruling in the Privy Council, says Nick Robison, partner at law firm Babbé, which was involved in the case.
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CFA Institute opens first UAE office
The CFA Institute has opened an office in Abu Dhabi, a move the organisation says will help it advance the standards, education and professionalism of financial advisers based in the UAE.
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Will public registers work without international consensus?
The UK has imposed public company registers on its overseas territories to create transparency and prevent “financial skulduggery”, but an international tax expert says, if people want privacy, they will just move to jurisdictions that still offers it.