A Spanish taxpayer is appealing to the European Court of Justice (ECJ) over an “excessive” penalty for disclosing his overseas assets a year late, according to global financial advice association Step.
The impacts of HM Revenue & Customs plans to criminalise offshore tax evasion are looking increasingly severe, as nearly 40% of advisers with clients holding offshore assets claim their customers now prefer to invest into non-disclosure jurisdictions.
Financial planners in Australia will “once again be able to earn commissions for selling a wide range of investment products” if a government plan to “water down investor protection laws” goes through, one of the country’s leading financial publications reported over the weekend.
A letter sent last week by Hong Kongs Commissioner of Insurance to Hong Kong’s insurance industry practitioners has sparked surprise and frustration among many independent insurance brokers and IFAs, with its implication that commission disclosure is to be fully compulsory within two months.
Royal Skandia and a local insurance broker have won a High Court case in Hong Kong over commission disclosure that is seen as having potentially significant, and positive, repercussions for the jurisdictions insurance brokerage and advice industries.
FPI’s Hong Kong sales director analyses the benefits commission disclosure has brought to IFAs
