Managers of Wealth

Central bank trio hikes rates as hawks and doves jostle for position

After simultaneous 50 basis point rate rises in the US, Europe and the UK, we look at the different outlooks and circumstances the respective central banks face.

Bailey the ‘Grinch’: Five reactions to the BoE rate hike

Wealth and asset management pundits gave mixed reactions as the Bank of England raised interest rates to 3.5% on Thursday.

Labuan FSA Awarded The Brandlaureate e-Branding Bestbrands Award For FinTech Islamic Financial Services

The Labuan Islamic Digital Asset Centre or IDAC was unveiled in October 2022

UK FCA Action Against Firms Relating to Arrangements with Third Party Intermediaries – Lessons Learned

The finding, in particular, that JBIL failed to act with integrity stands out, with there being very few cases where the FCA has considered that there has been a breach of Principle 1 of its Principles for Businesses.

Fidelity International Receives Operating License in China

Through its wholly foreign-owned enterprise FIL Fund Management, Fidelity will be able to offer onshore investment products and solutions to retail clients and asset management services to institutional clients in China.

Collecting the right tax from wealthy individuals

Information about how HMRC deals with wealthy individuals to help them comply with their tax obligations, and to challenge those who don’t play by the rules.

Credit Suisse accepted suspicious invoices for $140mn Greensill loan

Companies listed on bills tell the FT they did not do the stated business

Collas Crill Awarded 'Best Legal Team' At The 2022 Wealthbriefing Channel Islands Awards

The award reflects our relentless focus on delivering the very best service, advice and solutions for our clients. A very heartfelt thanks and a huge congratulations to our teams in Jersey and Guernsey.'

Credit Suisse Can Pursue Softbank Suit in London

The lawsuit is likely to involve claims of around $440 million, which the Greensill company is asserting against US construction firm Katerra.

New European VAT rules set to increase online travel booking costs

The EU’s new drive to close the gap on undeclared and unpaid VAT on services from short-term accommodation letting to passenger transport mean that many will be liable to either pay VAT for the first time or to pay more VAT than is currently applied

Bank accounts and FX services via EDB

Are your bank accounts compliant with regulation and from an EU authorised credit institution?

New Scots wealth tax on rich proposed to support public services

The report demonstrates how £1.3 billion of reforms could be in place as early as April 2023 to help fund public services and pay.

PIMFA welcomes FCA proposals for a simplified advice regime

These proposals provide consumers with a first step on the ladder towards accumulating wealth in an efficient manner and should build broader individual confidence in the saving and investment market and the financial advice profession more broadly.

Search for Hanno Berger's millions

Hanno Berger is considered one of the architects of the cum-ex deals, with which investors and banks have relieved the German tax authorities of billions.

Julius Baer Pays Hefty Fine on Business with Yukos

The amount was previously disclosed in the mid-year report of the Julius Baer group.

Switzerland Freezes Billions in Russian Deposits

This reporting requirement does not affect people who either have citizenship or permanent residency in Switzerland or the European Economic Area (EEA).

FCA fines Julius Baer International Limited £18m and publishes decision notices for three individuals

This was done on the understanding that the Yukos Group companies would then place large cash sums with Julius Baer from which Julius Baer could generate significant revenues.

Compliance checks come with the territory

Strict rules affect high-earning professionals but help is at hand to cut through the red tape

Deposit protection – the banks have to loosen 2 billion Swiss francs

If multiple people share an account, that community will be treated as a separate customer for security purposes.

Red card for John Carew - Ex-Norwegian international footballer jailed for tax evasion

During the relevant period, Carew had submitted Norwegian tax returns which stated that he was resident in the UK for tax purposes.

Legal,Regulation,Tax & Compliance