In further industry reaction, a number of key players in financial services have reacted positively to the FAMR report’s positioning in favour of a fee-based only RDR regime, with no re-introduction of commission as remuneration for financial advisers.
The Financial Conduct Authority is calling for early access to pension pots to pay for advice costs, in its final report on the Financial Advice Market Review (FAMR) published today.
Private equity firm Origo Partners is considering its options after Brooks Macdonald Asset Management filed a claim with the Isle of Man High Court seeking an order to wind up the closed-end investment company.
Two Cayman Island investment and trust companies pleaded guilty in a New York federal court to helping American clients evade tax. The first conviction of its kind outside Switzerland.
HM Revenue & Customs (HMRC) has shut down a major tax avoidance scheme used by bankers at UBS and Deutsche Bank to avoid paying around £135m in tax.
The UK’s new senior managers regime, designed to hold bankers and insurance managers accountable for misconduct in areas under their responsibility, has come into force and will apply equally to officers of the Financial conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
Despite the recent FATCA carve-out agreed between the US and Switzerland, US citizens looking to circumvent their tax reporting obligations will have to look further afield if they want to avoid declaring their offshore assets.
The UK chancellor George Osborne’s widely reported decision to abandon plans to shake up the pension taxation in this month’s budget still leaves room for tinkering with the pensions system, analysts said.
The US Internal Revenue Service (IRS) wants Singapore to waive its bank secrecy laws and push UBS into releasing financial information of a US citizen.
The UK chancellor George Osborne has abandoned plans to shake up the pension tax system in this month’s budget after pressure from Conservative MPs, according to media reports.
Chancellor of the exchequer George Osborne is under increasing pressure to ‘play it safe’ and not overhaul the UK pensions system when he reveals his budget in 12 days’ time.
Accounts held by the lawyers or notaries of clients in Switzerland are now exempt from the United States’ Foreign Account Tax Compliance Act (FATCA) following the signing of an agreement by the countries’ authorities in February.
