Ex-Credit Suisse banker banned for hiding beneficial owners
The Monetary Authority of Singapore (Mas) has banned a former Credit Suisse banker for deliberately concealing the identity of the true beneficial owners of three bank accounts.
Tax & Regulation
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Advisers look for certainty as pension transfer flux continues
As the Financial Conduct Authority (FCA) finalises its policy paper on defined benefit (DB) pension transfers, experts hope it will bring some certainty to an industry that has been in a constant state of flux since 2015.
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Last-minute lobbying saved crown dependencies from register
It has been revealed that crown dependency representatives flew to London to meet with UK Government officials in a last ditch effort to have an amendment withdrawn that would have imposed public ownership registers on the jurisdictions.
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UK taxman outlines tax avoidance enabler hitlist
HM Revenue & Customs has updated its guidance on who can be considered enablers of tax avoidance and the penalties they will face when caught.
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Overseas territories furious at UK’s ‘colonial era’ register
The British Overseas Territories (BOTs) have slammed the UK Government for trying to force public registers of beneficial owners on the jurisdictions, describing it as an act of “constitutional overreach” and an “unacceptable act of modern colonialism”.
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Aussie complaints body gets launch date
The Australian Financial Complaints Authority (Afca) will provide “free, fast and binding dispute resolution to consumers and small businesses” from 1 November 2018.
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UK ‘shatters’ tax secrecy of offshore territories
The tax secrecy practices of Britain’s Overseas Territories have been “shattered” by the UK Government, which in a dramatic turn of events, put its support behind an amendment that will introduce public ownership registers.
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Calling all advisers who battle IHT complexity
Advisers battling the complexity of the UK’s inheritance tax are being asked to contact the government’s Office for Tax Simplification.
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No need to panic in Malta
While some confusion in the industry exists, Malta’s incoming pension regulations are common sense and there is no need to panic, industry sources have said.
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Providers to stump up 25% of advisers’ compensation bills
Despite some strong opposition, the UK financial regulator has released major plans to force providers to pay 25% of advisers’ Financial Services Compensation Scheme (FSCS) bills.
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South Africa gets $14bn boost by avoiding junk status
Moody’s decision to not downgrade South Africa to junk status has saved the economy about £14bn in outflows from the local bond market, according to an expert from Morningstar.
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UK law change to force transparency on overseas jurisdictions
Cross-party support is mounting in the UK for an anti-money laundering bill which could force the beneficial owners of companies based in the British overseas territories and Crown dependencies to be identified on a public register.