Macquarie agrees compensation for wrap platform users
Macquarie Investment Management, the asset management arm of Australia’s Macquarie Bank, is to refund over A$5.5m (£2.68m, $4.2m) to around 2,300 clients for errors on its wrap platform.
Tax & Regulation
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Hong Kong SFC fines Phillips Securities over fund mis-selling
The Hong Kong Securities and Futures Commission (SFC) has reprimanded and fined Phillip Securities (HK) Ltd $1 million for failings in selling a fund to four clients who lost their investment.
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FCA fines rise sharply in 2014 to over £1.47bn
Britain’s Financial Conduct Authority (FCA) penalised firms a total of £1.47bn ($2.3bn) in 2014, though the number of fines fell pushing the severity of the penalties up sharply, according to the 2015 Global Enforcement Review published by Kinetic Partners.
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Ex-lovers and colleagues fuel rise in tax whistleblowing
Experts have said that a 50% leap in payments by HM Revenue & Customers to tax informants could be driven by ousted spouses and angry ex-colleagues
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UK gov’t minister warns pension providers to increase reform efforts
Britain’s Work and Pensions Minister Iain Duncan Smith has warned the pension industry to stop dragging its feet over implementing the government’s reforms, which came into effect on 6 April.
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Anti-FATCA group finalises lawsuit against Canadian Gov’t
A group promoting Canadian sovereignty has raised 80% of the funds required to take the Canadian Government to court for providing residents’ details to the US for its Foreign Account Tax Compliance Act (FATCA).
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Financial institutions must prepare for ‘FATCA on steroids’
Financial institutions around the world must ‘get their act together’ for the introduction of the OECD’s Common Reporting Standard (CRS) in seven months, Linedata has warned.
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Russia launches disclosure program to reclaim assets
The Russian Duma has introduced a voluntary disclosure program for all Russian citizens as it looks to stem the “offshorisation” of Russian money.
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BoE set to tighten rules on asset managers
Declaring ‘the age of irresponsibility’ over, the governor of the Bank of England has announced plans to extend tough new rules on senior management behaviour to asset managers.
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Governments risk falling short of FATCA demands
Governments around the world could find themselves under-resourced when the Foreign Account Tax Compliance Act deadline for collecting information on US clients arrives in September, one expert has said.
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Withers launches Japanese tax practice
International law firm Withers has launched a Japanese tax practice in Tokyo as it looks to continue its growth in Asia.
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Singapore firms could face global regulator probes
International regulators will be allowed to investigate the Singapore-based subsidiaries of multi-national advisory firms under new guidelines set out by the Monetary Authority of Singapore.