08/27/2012
Standard Life: Advisers struggle to explain post-RDR charges
Survey of insurer’s ‘account managers’ suggests disclosure is key RDR concern for advisers.
Legal, Regulation & Compliance
08/26/2012
US investigates UniCredit over sanctions
Unicredit has confirmed it is co-operating with a US investigation into a possible breach of sanctions.
08/26/2012
Zero Tolerance For Helping Tax Evaders, Says UBS
"The bank requires that all employees in the cross-border asset management business abide by legal fundamentals, including the German-Swiss tax deal […] Whoever transgresses is severely sanctioned”, Mr Weber told German newspaper Handels
08/23/2012
JPMorgan "London Whale" hires lawyer in France
The trader at the center of the criminal investigation surrounding JPMorgan's $5.8 billion trading loss has hired a lawyer in Paris, two sources familiar with the investigation said on Thursday.
08/23/2012
Intesa Luxembourg banker probed in tax evasion case
The magistrates have now put the chief executive of Intesa's Luxembourg unit Societe Europeenne de Banque (SEB), Marco Bus, and an Italian broker and former Intesa employee, Alessandro Jelmoni, under investigation.
08/23/2012
Three platforms to accept US-taxpayer business post-Fatca
The reporting requirements have led platforms to reassess whether they will continue to hold assets for existing US investors and whether they will accept new business from US taxpayers.
08/23/2012
Germans raid Julius Baer clients in tax crackdown
German tax inspectors have raided clients of Swiss bank Julius Baer, the latest development in a dispute over untaxed money held in secret Swiss accounts, a German magazine reported.
08/22/2012
German Windfall Wealth Tax Said To Be Constitutional
According to legal expert Joachim Wieland, the deciding factor in the matter is whether or not the state has an exceptional financial need for such a one-off levy, for example to save the country’s banks, to bail out other countries, or to reduce bo
08/22/2012
FSA unveils Ucis products crackdown
The Ucis retail market is worth about £2.5 billion in the UK and some 85,000 ordinary retail investors have direct holdings in investments, which can hold assets like traded life policy investments, fine wines, crops and timber.
08/22/2012
MPs seek British version of U.S. tax disclosure rules
The proposed legislation takes as inspiration the new U.S. Foreign Account Tax Compliance Act (FATCA), which is designed to stop Americans from hiding money from the taxman offshore, the report says.
08/22/2012
Commerzbank admits Iran sanctions investigation
Commerzbank has become the latest bank to admit it faces being fined as part of a US investigation into sanctions busting by international financial institutions.
08/22/2012
German cabinet pushes ahead with Basel III bank rules
Germany's cabinet agreed on Wednesday to push ahead quickly with the introduction of stricter capital requirements for banks under international Basel III rules, despite the misgivings of German banks about how they will be implemented across Europe
08/21/2012
Former Exxon boss to head JP Morgan 'whale' probe
The company's board also appointed fellow directors William Weldon, chairman of Johnson & Johnson, and real estate developer Laban Jackson to the inquiry panel.
08/21/2012
RBS under investigation by US authorities
The bank also said that it had initiated discussions with UK and US authorities to discuss its historical compliance with the relevant regulations and laws, “including US economic sanctions”
08/21/2012
Irwin Mitchell wins first Macquarie job with property refinancing gig
Macquarie stepped in to finance the portfolio after another lender pulled out. The 21 residential properties are owned by members of the Newbold family and subsidiaries of theirs.
08/21/2012
Ledingham Chalmers boosts private client with bolt-on
The bolt-on followed a year in which Ledingham Chalmers’ private client practice grew by 10 per cent. The firm hired Adam Cochran partner Douglas Watson as a partner in April 2011 to boost this practice area.
08/20/2012
Ex-Dresdner Kleinwort Banker Gets 40 Months in Jail
They were each ordered to pay £767,000 representing the benefit obtained by each of them from insider dealing.
08/20/2012
Monti Negates Rumours Of Italian Income Tax Cut
From the moment that his government had been appointed with parliamentary support, Monti added, it had pursued structural reforms in the economy and the public sector with that singular aim.
08/20/2012
FSCS places Cru IFAs in default
Hertfordshire-based Conforto Financial Management was also on the list of 21 investment firms recently placed in default by the scheme. It was wound up in November 2010 following the £1.5 million purchase of Optimal Wealth Management.
08/19/2012
No sign German bank data came from UBS - chairman Weber
NRW prosecutors said last week they were pursuing tax evaders who secretly stashed cash in Switzerland, after obtaining new bank data from a presumed whistleblower.