As expected, Guernseys State Legislative Committee yesterday approved a proposed new pension regime aimed at enabling the island to continue to look after UK pensions transferred there by those leaving the UK for good.
Fidelity’s UK managing director Gary Shaughnessy is to depart the firm to head up Zurich’s UK Life business from June 2012.
Independent multi-asset manager PineBridge Investments has recruited the former head of Bahrains sovereign wealth fund, to lead its Middle East and North Africa business.
State Street Corporation, the New York-listed financial services provider, has been granted a deposit-taking banking licence by the Jersey Financial Services Commission, making it the first Boston-headquartered bank to hold such a licence there.
The Finance Bill 2012 has seen the removal of the opportunity to offset deemed gain tax credits for non UK tax residents investing in highly personalised offshore portfolio bonds.
The Monetary Authority of Singapore has stunned the country’s advisory and insurance industries by announcing a major review that is seen as potentially changing the way financial advice is given to Singapore residents.
HSBC Global Asset Management is planning to launch a fixed income fund targeting bonds in India.
Coutts has been fined £8.75m by the Financial Services Authority for anti-money laundering control failings, which the regulator termed “serious, systemic and allowed to persist for almost three years”.
The Dubai Financial Services Authority (DFSA) has warned the UAEs financial services industry and members of the public not to be taken in by an email scam which it said impersonated the head of Dubais Financial Centre.
The Hong Kong regulator today banned a former private banker at Citigroup Global Markets Asia from the financial services industry for ten years, for operating a ponzi scheme.
Aegon UK and Canada Life have no updates so far today on their compact statements issued last week explaining that an offshore bond product in each of their ranges had to be suspended from sale on Budget Day.
Dubai is planning to go ahead with an “ambitious” pension fund for expatriates before the end of the year, a Gulf news website is reporting.
