UK Treasury to consult on handing buy-to-let powers to BoE
The Treasury is expected to launch a consultation this week aimed at handing increased oversight of the UK’s buy-to-let mortgage market to the Bank of England (BoE).
Tax & Regulation
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FCA assessing barriers to social investment
The UK’s Financial Conduct Authority (FCA) has launched a public consultation on how well the social investment market regulation is functioning.
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HMRC targeting HSBC Jersey clients for voluntary disclosure
HM Revenue & Customs said it has sent letters to customers of HSBC Jersey advising them to sign a declaration that they do not owe any UK tax on their offshore assets, placing some customers between the proverbial rock and the hard place.
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IFA and tax promoter guilty of film tax fraud
An IFA and an accountant have been convicted of attempting to steal millions in a tax fraud linked to the film industry.
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Spain to erase Isle of Man from tax haven blacklist
The Isle of Man is set to be removed from a tax haven blacklist of jurisdictions established by Spain in 2006, after the crown dependency revived its ‘redundant’ bilateral tax agreement strategy.
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EU launches new inquiry into retail financial services
The European Commission is to look at ways to improve choice, transparency and competition in retail financial services across its 28 member states, which could potentially result in new guidelines or initiatives by the middle of next year.
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UK Gov’t to enforce advice requirement on annuity sales
The UK government has announced plans to make it mandatory for investors holding a sizeable annuity to seek financial advice before selling out of their scheme.
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APFA calls for product levy to reform FSCS funding
Levies set by the UK’s Financial Services Compensation Scheme (FSCS) hit an all-time high in 2015, with many firms concerned that they have reached unsustainable levels, according to APFA.
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FCA unveils new capital rules for financial advisers
The UK Financial Conduct Authority (FCA) has unveiled a sharp rise in the minimum capital requirements for investment advisers, which will come into force on 30 June 2016.
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SEC to accuse Credit Suisse of inflating private bank assets
The US Securities and Exchange Commission (SEC) is reportedly set to accuse Credit Suisse of misleading investors by improperly inflating reports of the assets under management in its private bank.
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Call to sort out IHT ‘mess of complexity and uncertainty’
The influential chairman of the UK’s Treasury Select Committee has called for a more simple approach to the planned rise in the inheritance tax threshold for the estates of those who die on or after 6 April 2017.
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Financial advisers to be open to damages claims in Hong Kong
Financial intermediaries in Hong Kong will be liable for client damages claims if it is found that they have sold or recommended a financial product that is not reasonably suitable.