Technical briefing: Full disclosure impacts
Manufacturers will shoulder the burden when new European rules, which enable consumers to compare retail savings and investment products, come into force on 31 December 2016.
Tax & Regulation
-
-
Qatar streamlines financial rules, targets Islamic banking
The Qatar Financial Centre (QFC) Regulatory Authority has introduced a new set of Islamic banking regulations and a revised set of its Conduct of Business rules to boost the Gulf nation’s appeal to financial businesses and investors.
-
ESMA unveils guidelines to improve cross-selling practices
The European Securities and Markets Authority (ESMA) has published its guidelines on cross-selling products under MiFID II aimed at improving the treatment of investors when an investment firm offers two or more financial products or services as part of a package.
-
‘Unhelpful’ advice labels should be reviewed – OMW
Old Mutual calls for the UK government to find ways to decrease the wealth management industry’s regulatory burden, in response to the Financial Advice Market Review.
-
Dubai’s DFSA orders MAS ClearSight to pay investor compensation
The Dubai Financial Services Authority (DFSA) has censured investment banking advisory firm MAS ClearSight and directed it to pay compensation of $3.2m (£2.1m, AED12m) to 20 investors for contravening the DFSA’s law and rules.
-
IFA and accountant jailed in UK for film tax fraud
An accountant and an independent financial adviser have been jailed in the UK following their conviction for attempting to steal millions in a tax fraud linked to the film industry.
-
Experts warn of new rules crackdown by HMRC
Experts are predicting a significant hike in HM Revenue & Customs penalties as it turns the spotlight on undeclared financial accounts after 1 January next year.
-
Osborne to appoint new FCA chief executive soon
Chancellor George Osborne is expected to name the new chief executive of the UK’s Financial Conduct Authority (FCA) within the next few weeks.
-
Tax fraud costs UK government £16bn a year
HM Revenue & Customs loses billions each year as a result of fraud and needs to improve its use of data and analysis to tackle tax fraud, the hidden economy, and criminal attacks, according to a new report.
-
JFSC’s structure changes, trust company fees set to rise
The Jersey Financial Services Commission (JFSC) has announced changes to the structure, processes, and systems it uses to regulate the island’s international financial services industry.
-
Threadneedle fined £6m over Gersamia fraud case
Threadneedle Asset Management has been fined more than £6m by the FCA following an attempted fraudulent trade involving a former emerging market debt fund manager Vladimir Gersamia.
-
New UK secondary annuities market greeted with caution
The UK financial services industry has cautiously welcomed the government’s plans to extend its pension freedoms and create a new secondary annuities market by giving more than five million people the ability to sell their annuity from 6 April 2017.