FCA strengthens risk, oversight with two key hires
The Financial Conduct Authority has taken another step toward the full implementation of its new strategic approach, announcing on Friday a number of internal promotions and two key hires.
Tax & Regulation
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DeVere Group launches tax consultancy division
Independent financial advisory firm deVere Group has launched a standalone tax consultancy division which will specialise in US, UK and international tax compliance and planning.
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FSCS boss urges advisers to suggest fairer levy system
The boss of the Financial Services Compensation Scheme has urged financial advisers to help the regulators identify ways of making the allocation of levies fairer.
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ABI calls on FCA for advice re-evaluation
Huw Evans, director general at the Association of British Insurers (ABI), has called on the UK’s Financial Conduct Authority to re-assess the difference between advice and guidance in order to support a wider range of UK consumers.
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Review urged to curb ‘unreasonable’ regulatory costs
An urgent review is needed to avoid “unreasonable” regulatory costs and levies on UK-based financial advisers, according to the Personal Finance Society.
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Tax evader crackdown by HMRC widens to smaller cases
A sharp fall in the average length of custodial sentences given to criminal tax evaders is a clear signal that HM Revenue & Customs is increasingly targeting smaller cases, according to research by Pinsent Masons.
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HMRC to act against aggressive tax avoidance scheme
The UK tax office said it plans to take firm action against the users and promoters of a tax avoidance scheme run by high profile recruitment company, Anderson Group.
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New Zealand KiwiSaver schemes fall off HMRC QROPS list
The number of New Zealand-based pension schemes on the latest HMRC approved list, released on 19 May, has dropped to 34 from 57, with KiwiSaver schemes notably absent from the remainder.
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HMRC deadline nears for UK non-doms, Pinsent Masons warns
People with non-domiciled tax status living in the UK who wish to preserve the anonymity of their offshore finances must notify HMRC by 30 May, warns international law firm Pinsent Masons.
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Scrap RDR, follow MiFID II on independence – WMA
The Retail Distribution Review has failed to meet its objective of clarity of service, the Wealth Management Association said, leading to widespread misunderstanding and use of the ‘independent’ and ‘restricted’ labels.
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FCA plans to fine Keydata’s Ford £75m
The Financial Conduct Authority has decided to fine Stewart Ford, a former director and chief executive of Keydata Investment Services, £75m for failing to act with integrity and misleading the regulator.
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Advisers are the RDR winners, says Brooks Macdonald Int’l
Financial advisers are the real winners in the wake of the UK’s Retail Distribution Review, according to Brooks Macdonald International’s Darren Zaman.