Harlequin adviser banned and fined $60,000
The chief executive of a UK advice firm that distributed high-risk Harlequin products has been banned from holding any significant positions of influence or senior management.
Tribunal
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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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HMRC defeats tax avoidance scheme over DTA misuse
A tax avoidance scheme which exploited the UK’s double-taxation agreement with the Isle of Man has been defeated by HM Revenue & Customs.
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FCA ban for Catalyst director rejected by Tribunal
The Upper Tribunal has rejected an FCA ban of a Catalyst director relating to the promotion of unlicensed Luxembourg-issued ‘death bonds’.
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Senior partners banned over Arch Cru failings
Two senior figures who were behind the “serious failings” of Arch Financial Products have been fined and banned from the financial services industry, concluding a long-standing legal battle.
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Reviews into HMRC late payment penalties increase
HMRC has seen a rise in the number of reviews requested by taxpayers into decisions it has made on late filing and late payment penalties.
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Decision against reckless Holborn IFA delayed
The date of a hearing which will make a final decision on the action taken against a financial adviser who “recklessly” sold high risk investment products to clients in the UK has been pushed back to next year.
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Backlog of tax disputes reaches record high
The surge in high value tax cases has pushed the backlog of tax disputes to a record high.
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Holborn IFA faces ban and 290k fine in UK
An IFA who is currently employed by Holborn Assets in the UAE is facing a ban and £290,344 fine in the UK, after the FCA found he “recklessly” recommended high-risk investment products to clients.