Regulator calls on STM to ‘work together’ over failings probe
Gibraltar’s financial regulator has called on STM Group to “work together” after the firm ordered lawyers to block a probe into potential failings at the firm.
Regions
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We’re SJP’s ‘only credible scale competitor’ claims Old Mutual
Old Mutual Wealth claims a period of rapid growth means it is now the UK’s second largest advice business and only major competitor to St. James’s Place.
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DeVere’s Middle East head steps down, Nigel Green takes over
David Hughes, deVere Acuma’s regional director, has departed after two years in the role and more than a decade with the group.
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Legal and General IM acquires ETF platform Canvas
Legal & General Investment Management is to acquire ETF Securities’ European exchange-traded fund platform Canvas, which has $2.7bn (£20.5bn, €22.8bn) of assets under management.
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Inducement ban could hurt consumers, warns CISI
Financial Conduct Authority (FCA) plans to ban the offering or acceptance of inducements within the financial services profession could ultimately hurt consumers, according to the Chartered Institute for Securities & Investment (Cisi).
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Old Mutual Wealth to restructure and adopt Quilter branding
Old Mutual Wealth will operate as Quilter plc, with the international arm based on the Isle of Man becoming Quilter International, once the managed separation of Old Mutual is completed in 2018.
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Sports stars to get £100,000 tax free as testimonial income
Retiring sports stars look set to receive a boost under proposals to double the tax free earnings threshold for testimonials.
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Aviva acquires Irish insurer Friends First
Aviva is now the largest composite insurer in Ireland following a deal to acquire Friends First Life Assurance Company for €130m (£116m, $151m).
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EU pledges action on ‘Paradise’ tax avoiders
Pressure on the EU to act on offshore tax havens increased this morning after MEPs queued up to severely criticise wealthy tax avoiders and their advisers.
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China to allow full foreign ownership of insurance companies
In a move to grow its status as a major global finance hub, the Chinese government has announced it will raise foreign ownership limits in insurance companies to 51% in three years’ time, while full foreign ownership will be allowed in five years.
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FCA drops Mifid II bombshell on brokers
Mifid II rules on payment for research could extend to sales and trading roles, the Financial Conduct Authority (FCA) has warned.
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HMRC extends trust filing deadline
The deadline to register new trusts on HM Revenue & Customs’ Trust Registration Service (TRS) has been extended by three months to 5 January 2018.