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.
Tax & Regulation
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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.
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AIFMD burden hurting European investment, says tax panel
Some fund managers are passing up European investment opportunities in a bid to steer clear of the compliance demands required to meet the Alternative Investment Fund Managers Directive (AIFMD), according to a panel of tax experts at the recent Guernsey Funds Forum.
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Advisers adapting well to a post-RDR world
Adaptation to the RDR is having a discernible impact on profitability in the adviser community, with almost two-thirds of businesses saying they are more profitable than in 2013.
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Hargreaves shares fall on FSCS levy spike
Despite announcing plans to dip its toes into the non-advised space, shares in Hargreaves Lansdown fell around 3% on Wednesday, largely in response to it highlighting the significant increase in its Financial Services Contribution Scheme levy payment.
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Holborn adviser faces UK ban for UCIS mis-selling
A financial adviser currently employed by Holborn Assets in the UAE has been fined and banned in the UK after the Financial Conduct Authority found him guilty of knowingly recommending inappropriate, high risk products to retail clients.