Rooney faces £3.5m bill for ‘tax avoidance’ scheme
UK England football captain Wayne Rooney is facing a £3.5m ($4.3m, €3.8m) charge after HM Revenue & Customs challenged a suspected avoidance scheme in which he was a key investor.
Tax & Regulation
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Over 75% of UK advisers back ‘polluter pays’ FSCS levy
More than three quarters of advisers in the UK support the introduction of a risk-based Financial Services Compensation Scheme (FSCS) levy, according to a new survey from platform provider AJ Bell.
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Life-ban for former HSBC relationship manager
Hong Kong’s SFC disqualifies Chen Chia-hui from the financial services industry following her bribery conviction.
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CISI defends industry against UK PM’s crackdown on advisers
The Chartered Institute for Securities & Investment (CISI), a UK professional standards body for the financial services industry has defended advisers against British prime minister Theresa May’s pledge to crackdown on the profession for helping the rich avoid tax.
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Harlequin Property enters insolvency to ‘protect investors’
Harlequin Property SVG, the company behind the £400m ($509m, €454m) overseas property scheme, has officially entered insolvency proceedings, a decision likely to result in hefty losses for thousands of investors.
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Providence Global-owned Lumiere Wealth to be wound up
Jersey-based IFA firm Lumiere Wealth, which is majority owned by Providence Global, is to be wound up after a hearing held by the channel island’s Royal Court.
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UK asset managers will have to reveal costs to pension schemes
The UK’s Financial Conduct Authority (FCA) has unveiled new rules that will force asset managers to disclose the transactions costs they charge pension schemes when investing in their funds.
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FCA fines Aviva £8.2m over wrap platform failings
Aviva has been fined £8.2m ($10.4m, €9.3m) by the Financial Conduct Authority (FCA) for failing to monitor outsourced client assets on its wrap platform.
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Generali, Schwab in UAE set ‘impossible’ choice for US expats
Two big providers have ripped the carpet from under a group of American investors in the UAE, says Vince Truong, partner at Dubai-headquartered financial planners Holborn Assets.
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Former US broker charged with fraud over £3.2m mutual fund scam
The US Securities and Exchange Commission (SEC) has charged a former broker with running a fraudulent mutual fund scheme.
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Industry divided on UK plans to relax pension transfer rules
The UK government’s plans to potentially scrap the current ‘advice safeguard’ on some overseas pension transfers has met with a mixed response from the financial services industry, with some experts welcoming the move while others believe it will put consumers at risk of being targeted by fraudsters.
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IoM issues second consultation on insurance amendment bill
The Isle of Man regulator has launched a second consultation on changes to the Insurance Act in response to the feedback during the initial consultation carried out at the end of 2015.