Adviser fines under regulatory microscope in Hong Kong
Insurance Authority eyes maximum HK$10m penalty for licensed insurance intermediaries
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UK regulator slaps DFM with fine for market abuse failings
London firm has contested the regulator’s £409,300 fine
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In the mix: heavier fines, judgement error, blacklist tweaks
A certain irony pervaded recent regulatory news. Just as HM Revenue & Customs fired a warning shot that threatened heavier fines for tax evaders with overseas assets, the next chair of the UK’s Financial Conduct Authority admitted an error in judgement in using a tax-avoidance film scheme promoted by Ingenious.
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Insurance broker Bluefin fined £4m
The Financial Conduct Authority has fined Bluefin Insurance Services for failing to inform customers about its independence in a way that was clear, fair and not misleading while it was owned by Axa UK.
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Small advisers at risk of skyrocketing data fines
Poorly resourced firms are at the greatest risk of being hit with big fines for infringing Brussel’s new data rules, according to Mazar’s chief investment officer David Baker.
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Steps advisers can take to avoid €20m data breach fine
Financial advisers will have to do a “significant amount of legwork” if they are to comply with new data rules, or face a big fine, according to an expert.
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Ban and fine against former UK adviser network CEO upheld
An appeal by the former chief executive of an adviser network to overturn a ban on having any ‘significant influence’ on any regulated activity has been struck down and a fine upheld by the UK’s Upper Tribunal Tax and Chancery Chamber.
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FCA fines compliance officer for pension transfer failings
The UK watchdog has fined a compliance oversight officer after two companies he worked for gave unsuitable advice to around 500 customers who transferred £12.7m ($16.4m, €13.6m) out of their DB pension schemes.
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Barclays fined $97m for overcharging advice clients in US
Barclays has agreed to pay more than $97m (£74.9m, €89.2m) to refund advice and mutual fund sales fees to US clients who were charged for services they did not receive.
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Swiss regulator keeps up pressure on UBS in 1MDB investigation
Switzerland’s financial regulator is continuing its money laundering investigation into UBS Group and three other private banks in relation to Malaysian sovereign wealth fund 1MDB.
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South Africa’s Lombard Life fined by regulator
The Financial Services Board (FBS) of South Africa has fined Lombard Life for not complying with rules about informing policyholders of their right to appeal after the company rejected their claims.
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HMRC fines for ‘careless’ errors up 70% but half are dismissed
HM Revenue & Customs (HMRC) penalties against taxpayers who have made ‘careless’ errors on their tax returns have soared by nearly 70% although half of these are dismissed on appeal, according to latest figures obtained by international tax advisory firm RSM.