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

Monetary policy decisions

Financing conditions are restrictive and the past interest rate increases continue to weigh on demand, which is helping push down inflation.

The proposed UK regime for critical third parties – speech by Gareth Truran

Given at Tech UK Summit on Operational Resilience for Critical Third Parties on 6 March 2024

UK Budget and the end of the non-dom regime as we know it

Under the current rules, trusts settled by non-UK domiciled (and non-deemed domiciled) individuals are capable of benefitting from 'protected' trust status.

UK Spring Budget Announces Non-Dom Tax Status to be Scrapped

Such treatment is now only to be available for those who are comparatively short-term residents.

Changes to the Financial Promotions Order

We have previously set out that the UK’s definition of a high net worth investor is an international outlier, with a far lower threshold than comparable jurisdictions.

Addleshaw Goddard: Financial Services & Banking News

This will affect investment firms that utilise ESG ratings in their decision-making processes, necessitating adjustments to ensure compliance with the new regulatory framework.

UBS scraps Credit Suisse coal financing rollback

Global asset manager will instead detail its own plan for climate change.

Potential UK Budget implications for Guernsey residents and businesses

There have been no changes to previously announced rates and allowances.

Italy’s investment management exemption: new TP regulations for asset managers’ remuneration

The Italian Revenue Agency has provided guidelines on the application of the arm’s-length principle.

FCA warns firms over anti-money laundering failings

There are approximately 1,000 Annex 1 registered firms, which are not authorised or subject to wider FCA regulation.

Stonehage Fleming Receives FINMA Operating Licence

In 2020, new financial regulations were introduced by FINMA

HSBC Switzerland gains fair employer certification

The international private bank wants to be an employer of choice.

FCA to investigate use of personal guarantees in certain small business lending

The FCA’s remit, which is set by Parliament, does not include lending to limited companies.

High Court allows the FCA to pause civil case against WealthTek LLP

The investigation into suspected criminal offences in respect of WealthTek LLP and Mr Dance continues.

Spring budget: Three changes the government should make to boost women’s finance

Perhaps surprisingly, the gender wealth gap is negligible for young adults, highlighting the strides made towards gender equality in recent years.

Driving into the past: FCA investigates motor finance agreements – what do motor dealer/credit brokers need to know?

DCAs refer to a commission structure whereby motor dealers are given wide discretion by lenders to determine the interest rate within an accepted range to apply to a customer's motor finance agreement.

Swiss bank accuses Macquarie of distorting valuations for higher fees

It is heavily in debt, and has struggled to pay employees this year.

No penalty without clarity

There arose a dispute concerning Wintermute’s compliance with O1 and Terraform requested that the Senior Master make O2, in which Wintermute were ordered to comply with O1 on pain of a penal notice.

Compliance breaches at Bank of England remain high despite 'good progress'

NAO report

Pension funds to disclose level of UK investment under reforms

The government said this makes it difficult for policymakers and savers to understand where investment driven by auto-enrolment is going.

Legal, Regulation & Compliance