In a televised address, president Juan Carlos Varela has said that Panama will create an international ‘panel of experts’ to help improve transparency in its offshore financial industry, in the wake of the ‘Panama Papers’ scandal.
The Financial Conduct Authority (FCA) is to launch its ‘regulatory sandbox’ later this spring, calling on the financial services industry to set up a not-for-profit company to carry out the function.
The Financial Conduct Authority is to crack down on pension-related investment scams as one of its main priorities for the coming year.
The political fallout of the leaked Panama Papers surged ahead as Iceland’s prime minister became the first global government casualty and David Cameron found himself under intense scrutiny.
New Investment Association chief executive Chris Cummings has certainly got his work cut out when he takes the reins in the third quarter of this year.
Financial advisers will have to pay a £73.7m levy to fund the Financial Conduct Authority’s (FCA) £518.9m budget for 2016/17, according to plans laid out by the regulator.
The offshore financial advisory, wealth management and life office sectors should remain unharmed by the “uninformed hysteria” surrounding the Panama Papers, industry reaction has suggested.
HM Revenue and Customs (HMRC) has raised more than £4bn ($5.7bn, €5bn) in revenues from inheritance tax (IHT) for the first time in its history, according to the latest figures published by the UK tax office.
HM Revenue & Customs (HMRC) has collected more than £150m ($213m, €188m) following a crackdown on unpaid capital gains tax (CGT) over the past 12 months.
Around 11.5 million leaked documents from a Panama-based law firm have exposed the offshore holdings of politicians, sports stars and public officials around the world.
Barings’ chief executive in South Korea, Thae Khwarg, has said that he ‘welcomes’ proposed changes announced by the country’s Financial Services Commission (FSC) which would allow IFAs to provide independent advice while adopting a new fee-based only regime similar to the UK.
UK chancellor George Osborne’s recent announcement to cap investment and pension exit fees is a big step in the right direction towards tackling punitive investment and pension exit fees, says David Pugh, director of The Fry Group, Singapore.
