Managers of Wealth

Credit Suisse Said Talking to Finma on Legal Risks Capital

Credit Suisse Group AG, the second-largest Swiss bank, is in discussions with its regulator that may lead to a demand for more capital tied to litigation risks

How to avoid the bonus cap - FCA update for investment firms that may qualify to remain under BIRPU rules from 1 January 2014 - Withers

If a firm can retain its BIPRU classification it would avoid the application of the controversial bonus cap provisions which are part of CRD IV, (see Regulatory Watch, October 2013).

The FCA's focus on integrity and in particular investment managers - Withers

On 14 November 2013 the FCA’s chief executive gave a speech which focused on conduct and ethics within firms, which he said poses significant challenges for investment managers in particular.

Manx Court Rules on Bank Confidentiality

Some 140 bank customers could be affected by a Manx high court ruling on tax disclosure with the Irish Revenue.

Asset management compliance has just 30% physical presence

Just under a third of compliance functions in surveyed UK asset management firms have staff who sit with the rest of the business,

EU fines banks over rate-rigging

The cartels operated in markets for financial derivatives, which are products used to manage the risk of interest rate movements.

Bankers Association issues recommendations regarding tax compliance for cross border business

The strategic objective of the banks in Switzerland, however, remains unchanged: they have been committed to a tax compliant financial centre for several years and want to acquire and manage only taxed assets.

France Dragging Feet On EU Tax-Evasion Fight

France has been a vocal supporter of EU attempts to fight tax evasion

BVI and Gibraltar sign tax info agreements with UK

The British Virgin Islands, Gibraltar, Montserrat, the Turks and Caicos Islands and Bermuda have signed tax information sharing agreements with UK Government.

No Penalties Planned in Swaps Probe

Credit-default swaps are insurance-like contracts used by traders and investors to bet on the creditworthiness of companies and countries.

Bank Leumi has increased its provision for the investigation by the US authorities into its activity in Switzerland

In 2012, the bank made provisions totaling NIS 340 million for this contingency, and altogether it has provided NIS 530 million.

Tax threat for buy-to-let

A controversial report last week sought to put a figure on the tax reliefs claimed by landlords.

Wealth Adviser Guilty of Murdering Client and £343k Fraud

A financial adviser has been found guilty of murdering a client and defrauding him of £343,000.

Cayman Signs 32nd TIEA Agreement

Caribbean Journal is reporting that The Cayman Islands has signed a tax information exchange agreement with the Republic of Malta.

Ex-Banker to Answer Charges in U.S.

The legal case is the latest turn in the U.S. probe of American tax evasion in Switzerland.

Gold price-fixing scandal: UK's FCA scrutinises $20 trillion gold market

The UK Financial Conduct Authority is scrutinising how prices are set in the $20 trillion gold market.

UBS Paris headquarters raided by French authorities in tax evasion probe

UBS said it regarded the raid as "normal" and will continue to cooperate with French authorities, which have also visited the bank's offices in Strasbourg and Lyon as part of the ongoing investigation.

Tribunal upholds £100k IFA fine over Gtep advice

The FCA has won a legal battle to fine Westwood Independent Financial Planners £100,000 over suitability failings in geared, traded endowment policy sales.

FCA Slaps Outsourced Wealth Manager With £900k Fine

Wealth manager failed to adequately protect client money, according to notice published by the regulator.

PwC Finds Fund Firm Compliance Heads Working 12-hour Shifts

A PwC survey has found a third of UK asset management firms are unsure they have the resources to cope with growing regulatory demands.

Legal,Regulation,Tax & Compliance