Zurich underlines commitment to Middle East after Cigna deal
Zurich’s Middle East business has said it will continue to sell life policies in the region following the sale of its general insurance unit to healthcare provider Cigna.
News
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Isle of Man regulator steps up anti-money laundering crackdown
The Isle of Man financial regulator is taking action against anti-money laundering and terrorist financing with new guidance rules aimed at “avoiding a tick-box approach” to assessing the risk of customer involvement in such activities.
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Gay man wins for equal pension rights in landmark UK court case
The UK Supreme Court has ruled that same-sex couples have the same rights to pension death benefits as heterosexual couples in a landmark case involving a final salary scheme.
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Qrops ‘wide-open to mis-selling’ under FCA transfer reforms
The UK financial services regulator has “failed to deliver a working model” for overseas pension transfers, says industry expert Bethell Codrington, amid concerns the Financial Conduct Authority’s (FCA) planned overhaul leaves products such as Qrops “open to mis-selling”.
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Jailed 1MDB banker sentenced to four more years for cheating
A Singapore court has found former BSI Singapore banker Yeo Jiawei guilty of further charges of money laundering and cheating in relation to billions of dollars allegedly misappropriated from the 1Malaysia Development Berhad (1MDB) state fund.
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UK eyes ‘intervention’ to allow pension access without drawdown
The Financial Conduct Authority (FCA) has said it is looking to work with the UK government to allow savers to access their pension pots without taking drawdown amid fears consumers need greater protection in the non-advised drawdown market.
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Hong Kong and France strike deal on mutual recognition of funds
Hong Kong’s Securities and Futures Commission (SFC) and France’s Autorité des Marchés Financiers (AMF) have signed a memorandum of understanding linking their mutual fund markets.
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UK regulator urged to reform complex disclosure rules
There is a ‘clear case’ for simplifying the point of sale disclosure regime which is too complex and confusing for investors, UK platform provider AJ Bell’s chief executive said in an open letter to the FCA.
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Volatility will be ‘lower for longer’, says Blackrock
‘Lower for longer’ has become the typical characterisation of central banks’ interest rate policy. But it could also be applied to volatility, believes Blackrock.
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Advice firm promoting Ukrainian property fund goes bust
Cumulus Investment Management, a UK investment firm which has previously come under fire for advising clients to invest in a high-risk Ukrainian property scheme, has officially been dissolved.
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Maria Sharapova joins advisory board at UBS Wealth
Tennis star Maria Sharapova has joined a new advisory board at UBS Wealth Management in aims of boosting the confidence of female investors.
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OMI to offer DFM-run offshore bond for UK expats in Middle East
Life insurer Old Mutual International has launched an offshore bond aimed at British expats in the Middle East and Africa which can help them return to the UK without incurring the “deemed gain” tax charge on their overseas investments.