Antiquated Australian tax residency rules face overhaul
Australia’s individual tax residency rules have not changed in 90 years and desperately need modernisation and simplification, the country’s Board of Taxation has found.
Asia
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Three ways Singapore advisers need to build trust
Singapore’s regulator has called on advisers to build trust by empowering clients, raising conduct standards and enhancing oversight.
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The privacy risks of cross border investing
What can unite the UK and Russia, Saudi Arabia and Qatar and Pakistan and India? The answer, as all nerds know, is not football but tax, specifically the Common Reporting Standard (CRS), according to Irwin Mitchell Private Wealth partner Alex Ruffel and solicitor Luke Micallef-Trigona.
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Credit Suisse Hong Kong to pay $77m for corrupt hiring scheme
Credit Suisse’s investment bank in Hong Kong will pay a total of $77m (£58.2m, €65.9m) to settle criminal and civil proceedings taken by the US Department of Justice and the Securities and Exchange Commission (SEC) for its role in a corrupt hiring scheme.
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LGBT victory in Hong Kong expat visa court ruling
A landmark court case means that same sex couples in civil partnerships will be eligible for spousal visas in Hong Kong.
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Head of major Chinese wealth management firm vanishes
Several prominent Chinese banks and private investors are demanding answers from a licensed Shanghai wealth management firm after its boss disappeared a week ago.
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International fight against tax fraud steps up a gear
The UK, Canada, the Netherlands, the United States and Australia have launched an international tax and anti-money laundering team.
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Australia faces IFA exodus if industry forced to upskill
Potentially hundreds of senior Australian financial advisers could leave the industry if they are forced by the government to upskill, according to the country’s Stockbrokers and Financial Advisers Association (Safaa).
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EM positions hit by stronger dollar, says UBS Wealth
The strengthening US dollar has resulted in tactical changes to client portfolios, according to Mark Haefele, Zurich-based group managing director and global chief investment officer.
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Australia’s AMP faces court date over ‘rewriting’ policies
AMP Financial Planning is the second major Australian financial institution facing federal court proceedings after the regulator said it failed to protect clients from advisers improperly rewriting client policies.
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Generali doubles up in India
Italy’s Generali Group is increasing its stakes in two insurance joint ventures in India to 49% up from 25.5%, “underscoring its commitment to growing its presence in the local insurance market”.
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Investors cool on China despite buoyant returns
The risk of a trade war between China and the US has fuelled investor uncertainty. One fund selector has dropped their only China equity focused fund while another portfolio manager has reduced his China allocation.