- Managers of Wealth - Europe - Wealth, private banking and asset management news and opinion

Statement on UK markets

The FCA continues closely to monitor market activity

The UK government’s Coronavirus support packages

Due to the fast-moving nature of the government response to the outbreak, while this briefing is up to date as of 23 March 2020, there may have been further developments since then.

Ex-Barclays worker jailed for his part in scam which saw £68k taken from customers

Afolabi Adepoju, 32, took part in a ‘slick scam’ with others by passing on confidential security details so fraudsters could call the bank or pose as legitimate customers online

FSCS receives 80 claims against failed DFM

The company brought in administrators shortly after and the FSCS has already declared a number of advice firms which were embroiled in the debacle in default.

Retirement incomes under threat from the Coronavirus

A growing list of companies are announcing dividend cuts, and/or scrapping buy backs.

Coronavirus: FCA asks UK companies to delay results

Two-week moratorium to prevent investors acting on out-of-date information

Coronavirus: London Stock Exchange leads push for virtual AGMs

The government is being urged to change the law to allow companies to hold remote AGMs amid the outbreak, Sky News learns.

Swedbank Publishes Clifford Chance Findings on AML Missteps

Earlier this month, Swedbank disclosed that Clifford Chance had separately identified 586 transactions, worth an aggregate $4.8 million, that had likely violated US sanctions imposed in the wake of Russia’s 2014 takeover of the Crimean peninsula.

Parliament votes in favour of tax, anti-money laundering rules

New laws include reporting obligations on cross-border tax arrangements, new state fund to buy buildable land for housing

€1.5m Disability Fund Closes with 85 Submissions From 21 Counties

All 85 applications will be reviewed by teams of SIFI staff

Malta’s FIAU slaps Credorax Bank with €51,000 fine

In a separate FIAU notification, the unit said that an unnamed notary had been ordered to improve anti-money laundering controls.

Warning on pension scams as Covid fraud jumps

For those aged under 55, such a move could see consumers hit with a 55 per cent unauthorised payment charge from HMRC and then charged high fees by the fraudsters.

Watchdog sides with adviser facing fraud allegations

The regulator failed to recognise the information flagged by the adviser about the advice firm potentially had "significant regulatory implications", the commissioner warned.

Potential delay to LIBOR phase out due to coronavirus - reports

Will cease to exist at end of 2021

Tax Residence - Tax Considerations in Light of COVID-19 Travel Restrictions

The outbreak of COVID-19 has resulted in a unique and alarming health crisis. In addition to the health aspects, there will be a significant economic impact worldwide.

EU, US, UK Authorities Grant Relief on Call Recording Rules

Also last week, the UK FCA (Financial Conduct Authority) signalled it will give temporary relief on rules requiring bankers and traders working from home to record calls with clients.

Visas, travel restrictions and COVID-19

It is important that anyone travelling should monitor the developing situation carefully, and we want to try and help alleviate some of your concern by bringing you regular updates.

Government changes pension rules: What does this mean for NHS staff?

Pension reform has been a cause of concern for doctors for a while now as many in the field claim they were unfairly penalised.

Norway May Need to Pull Record $13 Billion From Wealth Fund

If Brent crude keeps trading about 30% below Norway’s budget assumption for the year (some analysts expect it could drop further), the government will need to withdraw about 150 billion kroner from its fund.

BoE cuts rate to record low of 0.1%

The BoE also decided to buy UK government and company debt, increasing its holdings in such bonds by £200bn to £645bn.

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