Old Mutual unveils offshore bond for UK market
Life insurer Old Mutual International has launched a new offshore bond in the UK aimed at savers caught out by cuts to the pension allowances.
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Harvest Global funds first to get Swiss-HK recognition
Specialist China and Asian markets asset manager Harvest Global Investments has become the first firm to qualify funds for the Switzerland-Hong Kong Mutual Recognition of Funds (MRF) scheme.
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Hong Kong’s Insurance Authority goes live
Hong Kong’s newest regulator, the Insurance Authority, was officially launched on Monday, replacing the Office of the Commissioner of Insurance (OCI) which was disbanded on the same day.
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Messi to swap prison sentence for €255k fine in tax fraud case
Football star Lionel Messi could see his 21-month prison sentence for tax fraud replaced with a €255,000 (£224,313, $285,381) fine, Spanish prosecutors have said.
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HMRC faces claims of ‘unlawful’ raid on Newcastle Utd
The seizure of documents from British football club Newcastle United by HMRC tax officials may have been unlawful, a judge has said.
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Pioneer CEO to leave as Amundi unveils new merged structure
Pioneer Investments’ group chief executive Giordano Lombardo is to depart after the completion of its acquisition by Amundi Asset Management on 3 July, as part of a raft of structural changes impacting more than 30 countries.
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Regulation must be ‘appropriate,’ says advisory body chairman
The incoming chairman of a newly merged trade body for financial advisers in the UK has pledged to fight the industry’s corner in talks with the government and regulators.
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PEOPLE MOVES: BlackRock, Deutsche Bank, Aviva
BlackRock has lost an ex-Barclays chief executive from its board after he was charged by the UK’s Serious Fraud Office. Deutsche Bank has ramped up its anti-financial crime divisionwith two senior hires, while Aviva has appointed its chief executive of international insurance to the company’s board.
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Up to £50bn pulled from DB schemes in pension transfers
The amount of money being withdrawn through transfers from defined benefit (DB) pension schemes in the UK has reached a record £50bn since the pension freedoms came into force, according to new figures released by professional service group Mercer.
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UK IFA promoting Brazilian teak scheme enters liquidation
Total Wealth Solutions, which has links to the collapsed Brazilian teak forestry scheme Para Sky Plantation, has entered voluntary liquidation, just months after the UK’s Financial Ombudsman Service (FOS) upheld a complaint against the financial advice firm.
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Singaporean firm to build platform for Malaysia’s life insurers
A unit of Singapore-based tech firm Silverlake Axis has won a contract to develop a digital platform for life insurance and takaful providers in Malaysia.
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EU’s new tax avoidance law to target Channel Island schemes
Schemes involving transactions to low tax jurisdictions such as Jersey and Guernsey will need to be reported to the European Union, under new legislation aimed at tackling tax avoidance.