HMRC pulls pension calculator after Royal London pressure
HM Revenue & Customs knew its pension tax calculator was giving incorrect data to users, but only pulled it once Royal London’s director of policy publicly slammed the tool.
Tax & Regulation
-
-
UK Ombudsman faces grilling after TV exposé
Following accusations of poor training by an investigative television programme, the UK’s Treasury Select Committee has set out “important points of principle” it expects to be reflected in the review of the Financial Ombudsman Service (FOS).
-
UK compensation scheme declares 11 firms in default
The Financial Services Compensation Scheme (FSCS) declared 11 firms in default during March 2018, meaning that consumers could get back money they have lost.
-
AMP admits misleading Aussie regulator over fees
The group executive of advice at financial services giant AMP has admitted the firm intentionally misled Australia’s regulator over fees, as the Royal Commission into banking, superannuation and financial services targets financial advice.
-
Guernsey trust company fined for regulatory failings
An investigation by the Guernsey Financial Services Commission identified serious instances of governance and operational failings at Guernsey-based trust company Richmond Fiduciary Group, resulting in a fine of £45,500 ($64,759, €52,508).
-
Insurance linked contracts will ‘not be torn up’ by Brexit
Brexit will not necessarily invalidate insurance linked contracts, according to Lombard International’s associate director of wealth structuring solutions.
-
Tax advice firm offers criminal liability safety net to advisers
UK tax dispute resolution specialists Hamilton Rose is predicting a fresh wave of tax evasion and avoidance disclosures to HM Revenue & Customs from financial advisers and their clients and is offering a service to help advisers and corporates minimise potential liabilities.
-
Serious Fraud Office fights crime with ‘robo-lawyer’
Serious Fraud Office (SFO) cases will benefit from artificial intelligence technology that will allow it to investigate more quickly, reduce costs and achieve a lower error rate, the watchdog said.
-
HMRC’s £50m plan targets tax dodging wealthy
Ten thousand wealthy individuals could be hit by offshore tax avoidance legislation proposed by HM Revenue & Customs, generating up to £50m a year in tax receipts.
-
Politicians excluded from Pakistan tax amnesty
Senior government officials, politicians and holders of public office cannot take advantage of a new Pakistani tax amnesty, the country’s taxman has confirmed.
-
Old Mutual Int’l to sue over structured product commission
Old Mutual International is taking legal action against Swiss-headquartered Leonteq Securities relating to false statements about the levels of commission paid to advisers on structured products, International Adviser can reveal.
-
AJ Bell warns of pensions overtax pitfall
Ad-hoc pension withdrawals could be overtaxed in the new tax year by thousands of pounds, AJ Bell has warned.