Pilatus Bank and official charged with money laundering
Just days after the firm was fined nearly €5m for AML/CTF breaches
Tax & Technical
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South Africa shelves social security reforms
Proposals ‘were not well understood and misrepresented’ and more clarification is needed
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Nine UK firms in default between June and July 2021
Eight of which provided financial advice, planning and insurance services
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$18m Ponzi scheme couple charged
Alongside five other entities used to receive investor funds
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Maltese bank fined €4.9m for AML breaches
‘Seriousness and systemic nature of failures’ allowed millions to pass through unchecked
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Adviser charged for running $110m Ponzi scheme
Money was raised from over 400 investors – including elderly retirees
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What are the benefits of an international savings/pension plan?
Portability, wider fund ranges, currency options and tax all play a role in attracting expats
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Post-Brexit Gibraltar still seeking clarity
Unclear if European regulators will have issues with EU residents transferring to a Gibraltar Qrops
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UK clients can still afford to retire to Europe
Majority should be able to meet minimum income requirements and obtain residency permits
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Appeal costs force LCF victims to drop FSCS legal challenge
Losing could have resulted in a £600,000 bill for bondholders
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British Steel IFA firm goes into liquidation
Deal to sell business and assets fell through
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Introducer firm fined £50,000 for pensions cold-calling
It made nearly 97,000 calls despite the practice being made illegal in 2019