South Africa sets out commission ban under RDR
South African regulator, the Financial Services Board (FSB), has revealed details on how it will implement a cap on commission payments as part of the country’s Retail Distribution Review (RDR).
Tax & Regulation
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EU regulators under fire as email of ex-UK rep revealed
The widespread distribution models in many European countries are not understood properly by the European Securities & Markets Authority (Esma), making parts of its new product governance rules “unworkable” for financial advisers, according to Fecif’s secretary general Paul Stanfield.
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Boss of £23m biofuel scam jailed for eight years in Cambodia
The chairman of a collapsed biofuel investment scheme has been convicted of fraud and sentenced to eight years in prison by a Cambodian court.
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DFSA rules out ban on commission, Insurance Authority update
The Dubai Financial Services Authority (DFSA) has no proposals to ban commission, according to chief executive Ian Johnston.
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LM directors escape legal sanctions in Australia
The former directors of the collapsed Queensland-based fund manager LM Investment Management (LMIM) did nothing wrong, an Australian court has ruled.
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Jean-Claude Juncker blocked EU curbs on tax avoidance
The president of the European Commission, Jean-Claude Juncker, spent years in his previous role as Luxembourg’s prime minister secretly blocking EU efforts to tackle tax avoidance by multinational corporations, secret documents show.
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George Michael’s death and key IHT case raise issues for 2017
Celebrity deaths over the Christmas period and a pending supreme court decision on a key inheritance tax case all highlight the importance of using trusts for estate planning, a leading IHT expert has said.
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Regulators drive to improve customer outcomes in 2016
Industry regulators from Hong Kong, the UAE and Isle of Man moved forcefully in 2016 to drive forward a campaign for greater transparency on commissions and fees and the fairer treatment of clients across the international life industry.
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SEC charges US fund manager over $2.5bn pay-to-play scheme
A US pension fund manager has been charged by the Securities and Exchange Commission (SEC) for a $2.5bn (€2.3bn, £2.02bn) pay-to-play scheme, including cocaine and hookers.
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HMRC reveals 10 worst excuses for late tax returns
Each year HM Revenue & Customs (HMRC) receives a number of unusual excuses from people who failed to file their self assessment tax return before 31 January.
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How advised assets outperform DIY financial planning
Those clients who benefit from having a financial adviser have better performing assets in their portfolios than those who go it alone, says John Astrup, savings and investment propositions manager, Zurich International Life, Middle East.
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Australia’s Westpac taken to court over advice failures
Australia’s financial services regulator is taking legal action against one of the country’s biggest banks for giving financial advice that failed to put the “best interests” of its clients first.