UK politicians slam HMRC over lack of tax relief scrutiny
British MPs have criticised HM Revenue & Customs (HMRC) over its lack of scrutiny on whether tax reliefs are being used effectively, raising doubts about plans to digitise its services.
Regulation
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FSCS levy on UK advisers bumped up by dodgy SIPPs
The UK’s Financial Services Compensation Scheme (FSCS) has warned it may impose an interim levy on life and pension advisers over the increasing number of claims related to self-invested personal pension schemes (Sipps).
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IFA director banned over missing £4m
The director of a bankrupt UK-based IFA firm, who also ran a trading room, has been disqualified for eight years for failing to account for more than £4m ($4.9m, €4.6m) of client’s money, the Insolvency Service has revealed.
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FCA warns investors of Janus Capital impostor
As part of its ScamSmart campaign, the Financial Conduct Authority has issued a warning over a ‘clone firm’ posing as Janus Capital.
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Trump must show backbone and repeal Fatca: deVere CEO
US president-elect Donald Trump must show some backbone and repeal the Foreign Account Tax Compliance Act (Fatca) as a priority, says deVere founder and chief executive Nigel Green.
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Mifid II time consuming and complex, say asset managers
Mifid II is a big concern for around three-quarters of global asset managers, who think regulators need to provide better guidance and tools to navigate the increasingly complex landscape, according to State Street Corporation.
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FCA charges sixth defendant in boiler room case
A sixth person has been charged by the Financial Conduct Authority (FCA) for promoting and selling shares through a succession of four boiler room companies.
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FCA proposes single fund charge; challenges active managers
The FCA has criticised the “weak price competition” among asset managers, attacking actively managed funds for failing to outperform their benchmark once fees have been taken into account.
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UK advisers working longer to keep up with demand
At an average fee of around £157 ($195, €179) an hour, a large proportion of UK advisers are having to work longer hours to keep up with demand, according to a new survey by insurance giant Prudential.
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Financial crime will ‘mutate and morph’- FCA chief
It would be unwise to say that financial crime has been beaten as it will always “mutate and morph”, according to Andrew Bailey, chief executive of the UK’s Financial Conduct Authority (FCA).
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French prosecutor pursues HSBC in €180bn tax fraud case
A French prosecutor has called for HSBC to stand trial for helping clients hide more than €180bn (£161.3bn, $199.8bn) in offshore tax havens from the country’s tax authorities, French news agency AFP has reported.
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Ex-BlackRock man Lyttleton pleads guilty to insider trading
Mark Lyttleton, a former fund manager at BlackRock, has today pleaded guilty to two counts of insider trading and will be sentenced on 21 December, the Financial Conduct Authority has confirmed.
