IA calls for MiFIR bond rethink
The Investment Association has called for a rethink of some of the trading rules to be proposed in the details of the Markets in Financial Instruments Regulation (MiFIR).
Tax & Regulation
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New accelerated payment disputes could have widespread impact
Further High Court challenges to accelerated payment notices could have wider implications on UK taxpayers, a tax specialist warns, following the rejection of a judicial review in July.
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CIMA petitions to wind up Belvedere-owned Brighton SPC
A petition has been issued by the Cayman Islands’ financial watchdog to wind up one of Belvedere Management Group’s troubled investment vehicles, Brighton SPC, after it found evidence to suggest its offering was “false since inception”.
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HMRC nets £1bn from accelerated payment notices
HM Revenue & Customs (HMRC) has collected £1bn in tax payments from users of tax avoidance schemes as a result of the UK Government’s accelerated payment rules to collect disputed tax upfront.
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Tax advice set to rocket over next two years
More than two thirds of financial advisers in the UK see specialist tax advice as the biggest growth area in their businesses over the next two years, according to a survey by Prudential.
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IFAs at risk of hefty costs without robust complaints system
Financial advisers could be faced with large costs if they fail to adopt a holistic system for handling complaints before next year’s reform, industry players have warned.
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Guernsey opens market to EU-based AIFs
Guernsey has extended its market access to alternative investment fund managers and AIF funds from EU member states that have fully implemented the Alternative Investment Fund Management Directive (AIFMD).
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Mauritius FSC warns against investment manager for false claims
A warning has been issued by the Financial Services Commission in Mauritius against Bank Capital Investment Management.
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Isle of Man chief predicts ‘anti-offshore activity’
Isle of Man Government chief minister Allan Bell has predicted a wave of negative campaigning focused on the Isle of Man and the other crown dependences, if Jeremy Corbyn wins the leadership of the UK’s Labour Party.
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FSCS reviews ‘complex’ claims against financial advisers
Claims brought against financial advisers who gave tax advice on “complex” investments such as film partnerships are to be reviewed by the UK’s Financial Services Compensation Scheme.
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UK appears to ease pressure on Cayman over ownership register
The UK Government appears to have relaxed its demands on the Cayman Islands to create a public register that reveals the owners of companies, despite Prime Minister David Cameron calling on overseas jurisdictions to increase transparency.
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Taxpayers in accelerated payment notice saga offered funding
UK-based financial services provider LDF is offering a loan facility to suspected tax avoiders to help them meet payment deadlines arising from accelerated payment notices.