The Financial Conduct Authority (FCA) has found “unacceptable” levels of disclosure in over 40% of the financial advisory sector as it releases the results of its Assessing Suitability Review.
International insurance companies headquartered on the Isle of Man will only have to spell out to customers how much commission they will have to pay to intermediaries over the life of the product at the end of the sales process.
A new mandatory provident scheme and stronger disclosure rules will impact asset and wealth managers, according to Kittikun Tanaratpattanakit, senior research analyst at Morningstar Thailand.
Financial advisers in the UK could be required to notify HMRC of all clients using offshore tax planning structures, according to George Bull, a senior tax partner at tax and consulting firm RSM, adding that the measure could be rolled out in the UK’s last ever Spring Budget on Wednesday.
Having avoided the high commission trap, Isle of Man-headquartered IOMA Group is well placed to thrive in the new world of fee disclosure and transparency, says managing director Chris Kenning.
South African advisory firm deVere Acuma has confirmed that it did not disclose commission charges of nearly £65,000 ($81,114, €75,198) taken from a client’s portfolio over four years, reports local news feed Moneyweb.
When it comes to disclosing commission, Isle of Man-based life companies have revealed at least six different ways they pay intermediaries and asked the regulator to be clear on what it wants them to disclose, according to industry responses to a consultation paper.
Life insurance companies on the Isle of Man must provide broad commission disclosure from 1 January 2018 and policyholder specific commission disclosure from 1 January 2019 under the proposed new Conduct of Business Code.
Donald Trump’s nominee for treasury secretary, Steven Mnuchin, failed to disclose nearly $100m (£81.3m, €94m) of his assets to the Senate Finance Committee and neglected to mention his role as a director of an investment fund located in the Cayman Islands.
Life companies based on the Isle of Man will have to disclose client commission worldwide from January 2019, the head of the Isle of Man Financial Services Authority (IoMFSA) has confirmed.
Expats in the UAE have been advised that banks and other financial institutions will be contacting some of their customers to collect information about their tax status in early 2017, reports local newspaper Gulf News.
Investment advisers in the US will need to provide more information to the Securities and Exchange Commission (SEC) as the regulator steps up its monitoring of the asset management industry.
