ANALYSIS: The best way forward for financial advice
The UK Government’s decision to launch a review of the financial advice market could lead to some dramatic changes in the way financial planning is delivered to clients in the future.
Tax & Regulation
-
-
UK non-dom tax take of £6.6bn ‘under threat’
UK-based non-doms paid £6.6bn in income tax in 2013/14, up 7% from the previous year, according to international law firm Pinsent Masons.
-
Australia moves to introduce user pays system to fund regulator
The Australian government has begun consultations with the local financial services providers to devise a system of levies and fees to fund the cost of enforcing regulations on the industry.
-
New UK dividend tax may have hidden surprises, lawyers say
Individuals receiving a significant dividend income and those using family companies to get money via corporate disbursements could be facing a surprise hit from the UK government’s new dividend tax plan, according to legal experts.
-
Royal London chief criticises ‘ISA-style’ pension tax changes
Phil Loney, chief executive of UK life and pensions company Royal London, has sharply criticised the government’s proposed plans to overhaul the way pension contributions are taxed.
-
UK Gov’t lowers wealth sights for tax investigations
The UK government is targeting more individuals in the £10m to £20m wealth bracket for tax non-compliance investigation, according to accountancy firm Crowe Clark Whitehill.
-
New EU succession laws set to impact UK nationals in Europe
New European succession regulations, known as Brussels IV, which come into effect on Monday, will have an impact on both UK residents with property in other EU states and UK expatriates resident in other EU states, says Tony Mudd, divisional director, tax & technical support at St. James’s Place.
-
Australian regulator to make guilty pay investigation costs
Australia’s main regulator has announced plans to make the finance industry pay the costs of investigations where they have been successful, in move which could raise the scale of it penalties imposed.
-
FCA publishes conduct rules for overseas banks and Solvency II firms
The FCA has published rules on how it will apply its accountability regime – aimed at improving professional banking standards – to overseas banks and Solvency II firms operating in the UK.
-
SFO seeks more evidence for final stages of Harlequin probe
Investors into troubled overseas property company Harlequin have been asked to come forward and give evidence to assist the Serious Fraud Office in the final stages of its criminal investigation.
-
UK Teacher’s Pension highlights QROPS public sector loophole
The UK Teachers’ Pension scheme has advised its members there is a loophole in the current rules surrounding the transfer of public sector pensions that would allow access to certain qualifying recognised overseas pension schemes (QROPS).
-
FCA rules out MiFID II face-to-face client recording requirement
Advisers will not be required to tape face-to-face meetings with clients when the Markets in Financial Directive II (MiFID II) is introduced in January 2017, the Financial Conduct Authority has confirmed.