The head of Australia’s main financial services regulator Greg Medcraft has called for more white collar criminals to be jailed and said he has built up a $40 million fund to prosecute people suspected of financial misconduct.
Non-UK resident individuals are increasingly seeking mortgage finance to fund their UK residential property purchases due to the introduction of the Annual Tax on Enveloped Dwellings (‘ATED’) and the advanced rate of stamp duty land tax for property purchased via certain ‘non-natural persons’, says law firm Edwin Coe.
Overseas pensions in Australia and New Zealand could lose QROPS status after a letter sent by HM Revenue & Customs forced all schemes to ensure that policyholders can only access benefits before the age of 55 in the same circumstances as a UK pension.
In 2007, financial advisory firm Global Financial Consultants decided to uproot from its home in Sydney and move the whole company to the city state of Singapore, a place that had become ripe for business opportunities.
Australia’s corporate and financial service regulator ASIC has ordered the Commonwealth Bank to contact up to 2,740 customers and give them A$5,000 for an independent review of their financial position after they received poor advice.
Australia’s corporate, markets and financial services regulator said it is investigating multiple instances of financial services firms charging clients for advice where it was not provided.
Isle of Man-based insurance giant, Friends Provident International (FPI), has launched a new financial planning proposition tailored to British and Australian expats to complement its non-Indian resident (NRIs) initiative.
Thousands of customers invested in an LM Investment Management fund have received their biggest return since the collapse of the company.
Vanguard, the world’s largest mutual fund company, has announced senior management changes within its international group.
Australia has signed a reciprocal agreement with Switzerland for the automatic exchange of tax information on each other’s citizens, the Swiss finance ministry has said.
DeVere has forecast a 25% growth in business and a 50% increase in advisers in the coming year as it looks to become the British equivalent of Bank of America Merrill Lynch.
Friends Provident International (FPI) will be rolling out a new strategy targeting UK, US and Australian expats in February.
