Committee recommends FCA split to set up enforcement body
The Treasury Committee is recommending that part of the UK’s Financial Conduct Authority (FCA) be spun out to form a new financial regulation enforcement body.
Tax & Regulation
-
-
FCA raps insurers and brokers for poor controls over reps
The UK Financial Conduct Authority says it has identified “serious and widespread” issues with how general insurance companies and brokers manage their networks of authorised representatives.
-
Isle of Man approves new Alternative Banking Regime
The Isle of Man parliament has passed the laws which will establish a new Alternative Banking Regime (ABR) allowing two additional types of banking licences to be offered on the island.
-
UK supreme court ruling could see insurance premiums rise
The UK supreme court has ruled that lies that do not impact an insurance claim should not necessarily invalidate the policy, but an industry body has warned that the ruling is a “blow for honest customers”.
-
Three UK advisers arrested in £132m tax-dodging fraud
Three UK tax advisers have been arrested as part of a HM Revenue & Customs (HMRC) investigation into a suspected £132m ($173m, €157m) fraud involving offshore trusts.
-
New FCA chief unconvinced FAMR recommendations will work
UK Financial Conduct Authority chief executive Andrew Bailey has admitted to the government’s Treasury Select Committee that proposals made by the Financial Advice Market Review may not solve the advice gap, which was in part created by the Retail Distribution Review.
-
UK should apply brakes on further tax reform, OMW says
Old Mutual Wealth is calling on the UK government to halt any further plans for pension reform despite a recent survey by the life insurer suggesting that changes to tax relief would not discourage retirement saving.
-
Malaysian finance centre grows Asia Pacific footprint
The Labuan International Business and Financial Centre (IBFC) approved 16 new insurance and insurance-related licences in 2015 as it expanded its footprint in Asia Pacific.
-
Int’l IFA group urges UK government to delay non-dom reform
Boston Multi Family Office (BMFO), an Isle of Man-based tax advisory firm with offices in Malta and Dubai, has called on the incoming chancellor Philip Hammond to delay tax reforms governing non-UK domiciles.
-
Esma gives AIF passport opinion for 12 non-EU jurisdictions
Esma, the European financial regulator, has published its advice on 12 jurisdictions seeking passporting rights for alternative investment funds (AIFs) giving seven a clear go-ahead with five others getting a qualified approval.
-
Altmann quits as UK pension minister, calls for more reform
Ros Altmann has stepped down as UK pensions minister with a call for the new British government led by Theresa May to address some of the major policy reforms needed to ensure pensions meet the challenges facing retirees in the future.
-
Abu Dhabi Global Market signs closer ties with China
Abu Dhabi’s Financial Services Regulatory Authority (FRSA) has signed two agreements with China to improve collaboration and cooperation.