FCA hits advisers with 4.2% fee hike
The Financial Conduct Authority (FCA) is planning to raise adviser fees by 4.2% for the upcoming financial year as it looks to cover EU withdrawal costs.
Tax & Regulation
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FCA will ‘absorb’ Brexit-related costs
The Financial Conduct Authority (FCA) says its next annual budget and business plan will make explicit the costs associated to Brexit that it will have to absorb, news that will likely be welcomed by the financial services industry.
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ANZ fined A$3m for advice client review failings
Australia’s ANZ Bank has been fined for charging fees but providing no service after the country’s financial watchdog found it had failed to produce documented annual reviews to more than 10,000 financial advice customers over a seven-year period.
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Whistleblower in HSBC tax evasion case set free after arrest
A whistleblower who leaked more than 100,000 records from HSBC’s Swiss private banking arm, which led to tax evasion probes across the world, was arrested in Spain but released a day later.
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FCA steers away from pre-RDR trail commission ban
The Financial Conduct Authority (FCA) has “no immediate plans” to ban trail commission on legacy investment products, it has announced in a policy statement that looks to shake-up the asset management industry.
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EU tax haven blacklist a ‘real danger’ to the Isle of Man
The Isle of Man’s chief minister, Howard Quayle, says the jurisdiction faces the “very real danger” of being put on the EU tax haven blacklist.
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End of tax year – one day left!
Investors and savers have just one day left to take advantage of the current tax exemptions and benefits before new rules come into force in the UK on 6 April.
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Kuwait edges closer to controversial expat tax
Kuwaiti politicians are preparing to debate a polarising remittance tax for foreigners working in the country, after it was controversially endorsed by the parliament’s financial and economic affairs committee.
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Rapper plays hit song to avoid maximum tax evasion jail term
A US judge showed leniency in the tax evasion trial of rapper DMX after listening to one of his hit tracks about his difficult childhood.
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10 year jail sentence for record-breaking tax scam
A disgraced Australian businessman has been sentenced to 10 years in jail for his involvement in a A$135m (£74m, $103m, €84m) international tax avoidance scam, bringing an end to what has been described as the largest tax fraud case in the nation’s history.
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Case study insights into the UK’s new trust register
The UK’s new trust register is ringing in big changes for non-UK trustees and beneficiaries.
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‘Unlimited fines’ on the way for offshore tax evaders
Prison sentences and “unlimited fines” are two draconian penalties HM Revenue & Customs (HMRC) will have at its disposal from next week for UK taxpayers who evaded tax through offshore means in tax year 2017/18.