Sixth person charged in alleged £2.8m boiler room scam
A sixth person has been charged by the Financial Conduct Authority (FCA) for promoting and selling shares through a succession of four boiler room schemes.
Tax & Regulation
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FCA demands ‘all-in’ charge in active management crackdown
The FCA has criticised the “weak price competition” among asset managers, attacking actively managed funds for failing to outperform their benchmark once fees have been taken into account.
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Ailo slams EU over Priips ‘quick fix’ approach
The trade body representing international life offices has blasted the European Commission’s (EC) handling of the controversial Priips regulation, delayed last week until January 2018.
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Offshore firms hit worst by increased compliance demands
Compliance requirements are a greater burden offshore, driving up client charges and forcing some firms to turn away business, research from Step has found.
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Ex-Providence director in court over alleged sexual assault
Steve Dewsnip, one of the former directors of the collapsed Guernsey-based Providence Investments Funds, has appeared in court in London accused of sexual assault.
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FCA slams exit charges on Lifetime Isas
The UK’s Financial Conduct Authority (FCA) has warned about the risks of imposing a 25% exit fee on the upcoming Lifetime Isas.
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UAE insurance regulator to clamp down on fees and commissions
The main life insurance regulator in the UAE has unveiled plans to tackle high fees and hidden commissions across the industry after receiving what it described as “an alarming amount of complaints from policyholders”.
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BVI hands record fine to Panama papers law firm
Mossack Fonseca, the law firm at the centre of the Panama papers scandal, has been fined a record amount by the British Virgin Islands’ Financial Services Commission (FSC).
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Majority of wealthy UK savers unaware of IHT changes
Around 75% of wealthy are unaware of the new ‘residence nil rate band’ inheritance tax allowance (IHT), due to be introduced in April next year, according to research by Canada Life.
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Former BHS owner Dominic Chappell arrested in HMRC probe
Dominic Chappell, the former owner of the collapsed UK department store BHS, has been arrested as part of an investigation by HM Revenue & Customs into the tax affairs of his company Swiss Rock.
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Breaking down S. Africa’s Special Voluntary Disclosure Programme
A great number of people are eligible under the South African government’s special voluntary disclosure programme, but not everyone is.
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Zero corporation tax does not ‘make’ a tax haven: EU ministers
Jurisdictions that offer zero rates of corporation tax, such as Jersey and Guernsey, may not automatically be considered tax havens, EU finance ministers have said.