UAE securities regulator re-opens door for fund registrations
Asset managers can now complete the process of registering and promoting funds in the UAE following the release of fresh guidance from the Securities and Commodities Authority (SCA).
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Holborn Assets ‘temporarily’ ceases all regulated UK activities
Holborn Assets Ltd has applied to the Financial Conduct Authority to temporarily cease all of its regulated activity with immediate effect, but has no plans to close its UK operations, managing director Christopher Wicks confirmed to International Adviser.
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Why a wealth tax in South Africa won’t work
In April, a committee set up to review South Africa’s tax system unveiled plans to introduce a new wealth tax as the country struggles to deal with extreme income inequality and a dwindling tax base. Here we look at the reasons it’s unlikely to work.
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China’s regulator zeroes in on fund performance fees
The China Securities Regulatory Commission (CSRC) has proposed new rules that require an asset management firm to inject at least RMB 10m (£1.16m, €1.33, $1.5m) into mutual funds that levy a performance fee.
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Tax evasion crackdown will see wealth managers lose $13bn
Wealth managers around the world will lose around $13bn (£10bn, €11.5bn) of annual revenue due to a global crackdown on tax dodging as clients are set pull out $1.1trn out over the next few years, a new report suggests.
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Rops list sees Aussie rebound but Channel Islands wane further
After missing its Monday deadline, HM Revenue & Customs released an updated recognised overseas pension scheme (Rops) list on Wednesday that saw Australian scheme numbers rise, while Guernsey and Jersey continued their declines.
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Over 1m UK taxpayers could face ‘stealth tax’ rises by 2019
More than one million UK taxpayers, who earn between £100,000 and £123,000, could face paying an effective tax of 60% if the current tax system remains unchanged, according to international accountancy firm RSM.
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Labour’s land value tax unlikely to apply to gardens
Plans by Britain’s opposition Labour Party to impose a ‘land value tax’ are unlikely to apply to gardens and other “productive land”, despite criticism the policy could cost the average home £5,539 (€6,346, $7,149).
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Guardian’s new client division to tackle industry shortfalls
Guardian Wealth Management has launched a new division to focus on client relationship culture after research found that most expats feel the ongoing service they receive from their IFA firms has declined or stopped altogether.
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UK election doubts and terrorism fears spark soaring gold sales
Gold sales have soared in the past week after doubts over Theresa May’s ability to win the election, coupled with an increased terrorist threat.
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FCA orders another UK firm to immediately cease pension advice
The Financial Conduct Authority has ordered Glasgow-headquartered Intelligent Pensions to stop providing pension advice in the latest in a series of actions taken by the UK watchdog to clamp down on pension transfers.
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Dubai regulator sees complaints drop but scams still dominate
There has been a sharp drop in the number of complaints received by the Dubai Financial Services Authority, which regulates of the DIFC, but most of those it receives still relate to scams.