London mayor Boris Johnson has agreed to pay a substantial tax bill to the US government despite earlier claiming that it was “outrageous” for the US to tax expat American citizens in an interview at the end of November last year.
Two senior figures who were behind the “serious failings” of Arch Financial Products have been fined and banned from the financial services industry, concluding a long-standing legal battle.
As significant changes take effect with pensions, offshore tax evasion and property, 2015 looks like it will be an interesting year. However, there are still opportunities to be found despite the ongoing upheaval.
The UKs financial regulators have proposed a £5.5m ($8.3m, 7.2m) decrease in the Financial Services Compensation Schemes (FSCS) running costs.
An appeal has been lodged by three financial advisory firms to overturn a decision made by the High Court to pay Keydata clients compensation before a legal battle with the Financial Services Compensation Scheme (FSCS) has been resolved.
The FCA has said there is little evidence to suggest the Retail Distribution Review (RDR) has caused any major decline in the availability of financial advice, and has in fact had a positive impact overall.
Almost all of the £29m in disputed tax due from the first group to receive accelerated payment notices has been recovered by HMRC.
With the Emirates Insurance Authority rolling out a host of regulations last month, it seems inevitable that the market will consolidate dramatically as the smaller players struggle to meet strict new requirements. Our Dubai panel discussed the ramifications of this shift in emphasis and other key issues now affecting the region.
The UK government has today announced a “U-turn” on plans to introduce a single settlement nil rate band on trusts.
The mayor of Londons’ refusal to comply with the Foreign Account Tax Compliance Act (FATCA) by paying his American taxes has been labelled noble by Nigel Green, chief executive at deVere.
Further details have emerged of the Monetary Authority of Singapores new balanced scorecard initiative, under which financial advisers will be assessed to ensure they are providing high quality advice.
Credit Suisse has been hit with a fine for operating an illegal cross-border banking business that helped thousands of American clients evade tax.
