Law, Regulation, Tax

Industry adopts ‘wait-and-see’ RDR policy

Thu, Mar, 11 2010

UK Wealth managers are adopting a wait-and-see approach to the Retail Distribution Review (RDR), as uncertainty over the future of the Financial Services Authority casts a shadow over the initiative.

Towry denies loss of independence claims

Thu, Feb, 25 2010

Towry Law, the UK financial planner which has championed transparency and independence in the market place, denied claims it is incentivising advisers to sell in-house investment schemes.

Tax amnesty outflows near an end

Mon, Feb, 1 2010

Private banks in offshore centres have weathered the worst of the outflows from national tax amnesties, according to research.The impacts of amnesties on offshore centres, notably Switzerland and Liechtenstein, have not been “excessive”, according to a report by A.M. First, a credit rating organisation.

News digest: CS settles on Iran transfers

Tue, Jan, 26 2010

Credit Suisse settles on Iran transfers New UK tax may push clients offshore Italian tax amnesty raises €95bn HSBC sees increased demand for property HSBC sees increased demand for property SG rebrands to Societe Generale

The new power in the wealth land?

Tue, Dec, 15 2009

For Andrew Rodger, executive director of London-based multi-family office (MFO) Stonehage, the past two years of financial upheaval are transforming the prospects of the family office.

Wegelin’s US stance strikes a chord

Fri, Nov, 20 2009

There are so many issues right now for clients and we have a duty as a private bank to address these topics and come up with possible answers. Our position with regard to US citizens and securities is a good example of this and has attracted some media attention in recent months – we advised all of our clients to sell their US securities because of concerns of the regulatory risk with regard to the US Estate Tax Act.

Let the IFA carve-up begin

Fri, Nov, 20 2009

Under the Financial Services Authority’s Retail Distribution Review (RDR) proposals, for which a consultation period ended last month ahead of its formal introduction due in 2012, commission-based selling is effectively to be banned and advisers will have to meet increased minimum qualification requirements.

A target too far?

Fri, Nov, 20 2009

UBS has mapped out its path to strategic reconstruction, based on reaching $14.9 billion in pre-tax earnings annually in three to five years. For a bank which last recorded a pre-tax profit back in 2006 and has seen billions of dollars of private client assets flee, it all looks a very close call. John Evans reports

Korea reforms hit by tough markets

Thu, Oct, 22 2009

South Korea is one of the more mature Asian economies, and one which has a sizeable high net worth individual (HNWI) base for wealth managers to tap.

Channel Islands become the latest target

Thu, Oct, 22 2009

The so-called “zero-10” corporate tax system operated in Guernsey, Jersey and the Isle of Man is to be abolished, after several unidentified European Union member states placed pressure on Britain to end the tax advantages of the UK’s offshore banking centres.