Introducing a fee-based only regime for South Korea’s financial advisory sector, as proposed by the country’s regulator, will help wealth management become “a more common concept” for Korean investors, said Young Soo Kim, head of distribution at Schroders Korea.
DeVere Group Hong Kong Ltd, which is no longer owned by the deVere Group, has been fined by the Hong Kong insurance regulator after a lengthy investigation into various breaches of its regulations.
The British government has published details of its proposed new law making senior management of a financial services firm criminally liable if any member of staff facilitates tax evasion, and has called on the industry to provide feedback.
HM Revenue & Customs has been accused of not doing enough to tackle tax fraud and making “only limited progress” in reducing the UK’s tax losses, according to the House of Commons’ Public Accounts Committee (PAC).
Britain, Germany, France, Italy and Spain have signed a deal to automatically share information on the ultimate owners of companies in the latest move to tackle the growing use of international financial centers to dodge taxes.
The international community should call time on all remaining nations who have yet to implement internationally agreed tax transparency standards, OECD secretary-general Angel Gurría said on Thursday in a new report to the G20.
Canada’s Revenue Agency (CRA) has audited 3,000 electronic funds transfers to the Isle of Man, made by around 800 Canadian taxpayers totalling C$860m (£472.2m, $672.5m, €593.4m).
Irish Funds, which represents the international fund community in Dublin, saw strong growth in the number of new Alternative Investment Funds (AIFs) in 2015 and expects that trend to continue.
Investors are now paying over a fifth less in annual fund fees as a result of the introduction of the Retail Distribution Review (RDR), according to analysis by online investment platform rplan
A number of British firms offering bespoke self-invested personal pensions (Sipps) could go out of business when the Financial Conduct Authority’s (FCA) new capital adequacy requirements come into force in September, according to James Hay, one of the UK’s largest Sipps providers.
Jersey Finance, which represents the finance industry, has come out fighting against calls for the island’s register of who owns which companies to be made public in the wake of the Panama Papers leak.
The headquarters of Mossack Fonseca, the law firm at the centre of the biggest financial data leak in history, were raided by police in Panama on Tuesday, the attorney general’s office has revealed.
