Australian regulator ends legal case against two LM directors
The Australian corporate regulator has abandoned a civil penalty action against two former directors of the collapsed Queensland-based fund manager LM Investment Management (LMIM).
Tax & Regulation
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Clinton proposes 65% inheritance tax for billionaires
US presidential candidate Hillary Clinton has proposed raising inheritance tax paid by ultra-rich Americans to 65% on property valued at more than $500m (£385m, €445m), in a bid to appeal to the supporters of her former Democratic rival, Bernie Sanders.
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Asset managers, life co’s seek clarity on new UAE fund laws
Life companies are calling for more clarity on how new laws covering mutual funds offered for sale within their products in the UAE will work in practice, while asset managers have begun the process of deciding which products to offer.
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Bahamas files leak exposes former EU official’s links to offshore firms
A new cache of 1.3 million documents from the Bahamas has exposed the use of offshore shell companies by the former EU competition commissioner Neelie Kroes and UK politician Amber Rudd.
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HFM Columbus warns UK non-doms of ‘pitfalls’ with IPP drawdowns
UK-based wealth manager HFM Columbus has warned non-domiciled UK residents of the pitfalls of making large withdrawals from their international pension plans (IPP) ahead of changes to rules governing remittances.
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France, Germany and Italy against EU-wide ban on commission
France, Germany and Italy are against introducing a complete ban on commission in their financial services industries despite pressure from the EU, according to Michael Lodhi, chairman of dual headquartered Paris and Barcelona-based Spectrum IFA Group.
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US introducing RDR ‘through the backdoor’
Recent moves in the US suggest that the country is bringing in its own version of the retail distribution review “through the backdoor”, according to Capgemini Consulting’s Rod Bryson.
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UK to change definition of ‘advice’ in line with Mifid
The UK government has launched a consultation on changing the definition of financial advice, so that only a personal recommendation for a product is considered advice which will be regulated.
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Over 20 EU states call for one-year delay to Priips roll out
Twenty-three countries in the European Union have backed a 12-month delay to the introduction of the controversial Priips legislation, following a landmark rejection of its regulatory technical standards (RTS) by the European parliament (EP) last week.
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Guernsey regulator fines Louvre Fund and two directors
Guernsey-based Louvre Fund Services and two of its executive directors have been fined under the island’s protection of investors law.
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HMRC rakes in £126m from lifetime allowance penalties
HM Revenue & Customs has reported a significant rise in the number of British savers breaching the lifetime pension allowance (LTA) over the past year, collecting £126m ($163m, €146m) in additional tax revenue between 2015/16, up 38% from £78m the previous year.
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Indonesia assures expats using amnesty over tax evasion threat
Indonesia’s government has reassured participants of its tax amnesty programme that they will not be prosecuted for tax evasion after it emerged last week that private banks in Singapore are sharing with police the details of wealthy clients using the programme.