Levy to hit Hong Kong life insurance
Insurance policyholders in Hong Kong will be hit with a rising levy on premiums from 1 January 2018, the special administrative region’s new Insurance Authority (IA) has confirmed.
Levy
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Claims over ‘risky’ Sipp investments up nearly 35%
The Financial Services Compensation Scheme (FSCS) forked out £105m ($135.6m, €119.1m) in 2016/17 to compensate clients who were wrongly advised to transfer their savings into “risky assets” held in self-invested personal pension schemes (Sipps).
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Saudi expat tax to start in July
Saudi Arabia will levy a new tax on expatriates and their dependents from 1 July 2017 in a bid to boost the Gulf state’s local employment and revenues following persistently weak oil prices.
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UK advisers face 5% fee hike
The Financial Conduct Authority has proposed a 4.7% hike in fees for advisers and brokers as part of its 2017/18 business plan.
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UK advisers face extra FSCS levy despite fall in Sipps claims
The UK’s Financial Services Compensation Scheme (FSCS) may still impose an interim levy on life and pension advisers despite a fall in the average cost of Sipp-related claims.
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UK advice body touts gov’t financial health check vouchers
Every working adult in the UK should be offered a voucher for a financial health check session with a professional financial adviser, the Personal Finance Society (PFS) has recommended.
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UK Sipp complaints continue to rise, reveals Ombudsman
Complaints about self-invested personal pension schemes (Sipps) have increased, according to latest figures from the UK’s Financial Ombudsman Service (FOS).
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UK to make ‘polluters’ pay in FSCS levy shake-up
The UK regulator has proposed changing the financial compensation scheme to make riskier, so-called ‘polluter’ firms pay higher levies.
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Dodgy Sipps claims to drive up FSCS levy on UK advisers
The UK’s Financial Services Compensation Scheme (FSCS) has warned it may impose an interim levy on life and pension advisers over the increasing number of claims related to self-invested personal pension schemes (Sipps).
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Over 75% of UK advisers back ‘polluter pays’ FSCS levy
More than three quarters of advisers in the UK support the introduction of a risk-based Financial Services Compensation Scheme (FSCS) levy, according to a new survey from platform provider AJ Bell.
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UK MPs query regulator over £74m financial adviser levy
The chairman of the UK’s Treasury select committee, Andrew Tyrie, has asked the Financial Conduct Authority (FCA) to explain how it will ensure levy payers are getting value for money.
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FCA sets £74m levy on advisers
Financial advisers will have to pay a £73.7m levy to fund the Financial Conduct Authority’s (FCA) £518.9m budget for 2016/17, according to plans laid out by the regulator.