The number of serious tax evasion cases in the UK jumped by 8% in 2015/16, with another nearly 3,000 suspected instances referred to HM Revenue & Customs for specialist investigation, according to Pinsent Masons.
A cautious US Federal Reserve, stabilisation of oil prices and accommodative monetary policies are among the factors expected to drive emerging market equities, according to HSBC Private Bank.
HSBC Bank in Australia has reached a deal with the industry regulator to compensate clients who received “potentially deficient advice” on retail structured products sold between January 2009 and March 2013.
In a misconduct case more than a decade old, HSBC Private Bank is appealing against a record HK$605m regulatory fine (£53.7m, $77.9m, €67.8m) and the possible revocation of its license to advise on securities.
An agreement for the Shanghai-London Stock Connect is expected to be signed in September, according to local reports.
Hong Kong’s Securities and Futures Commission has banned former HSBC staff member Andrew Chow Ho-cheung from re-entering the industry for life after he was convicted for fraud and theft.
Investment platform Nutmeg has confirmed it will make its services available to US citizens living in the UK, despite the growing number of wealth managers exiting the market due to the increased regulatory requirements relating to the Foreign Account Tax Compliance Act (Fatca).
Half of United Kingdom-based investors are unlikely to seek any financial advice when making an investment, according to a new survey from HSBC.
Bahrain topped HSBC’s Expat Explorer survey with two thirds of expats feeling at home within a year of moving.
Financial services firms in the UK received 2.11 million new complaints between July and December 2015, a decrease of 1.4% compared with the previous six months, according to the Financial Conduct Authority.
Former Standard Life head David Nish joins HSBC’s board of directors, while Hong Kong’s SFC appoints new director of enforcement. Manulife Hong Kong’s hires former Axa executive to head up its IT operations.
In further industry reaction, a number of key players in financial services have reacted positively to the FAMR report’s positioning in favour of a fee-based only RDR regime, with no re-introduction of commission as remuneration for financial advisers.
