Whistle Blowing

Whistle Blowing

The FCA and before them the FSA, set great store by ‘whistle blowing’ whereby employees or anyone else ‘in the know’ could report skulduggery in their firms which might not otherwise go undiscovered. They were to be secure in the knowledge that their tipoff would be investigated and that they would be protected from any […]

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Fund Fees

Fund Fees

The FCA has just completed a 2½ year investigation into the UKs £8.1 trillion fund management industry, focussing on operating practices and whether charges are excessive. The time taken to complete the investigation certainly seems excessive. It is difficult to imagine why more than 6 months was necessary. Presumably the investigators were on day rates. […]

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Bitcoins

Bitcoins

Bitcoins rose in value by nearly 1,500% in the past year and although they have now fallen back substantially, they still represent a massive return for those who got in early. For those who are kicking themselves for not having taken a punt on this enigmatic currency when it was first starting to take off, […]

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Trump Tax

We were hoping to achieve the Pearly Gates without having had to mention the name ‘Trump’, however, needs must. The small handed one has lived up to his ‘America First’ policy by imposing a new tax on the interest payments made by the US branches of foreign banks to their parent companies. Under ‘BEAT’ the […]

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The Financial Reporting Council

The Financial Reporting Council

According to its website, the FRC ‘regulates auditors, accountants and actuaries. Sets the UK’s corporate governance and stewardship goals and promotes transparency and integrity in business.’ Going from its recent activities though it might be fairer to say that it ‘promotes opacity where clarity might lead to censor’. Consider. Last June it cleared PWC over […]

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Pensions Deficit

Pensions Deficit

A senior FCA person has outlined the regulators expectations with regard to transfers out of defined benefit schemes into money purchase arrangements. There is nothing new. The usual good practice and common sense stuff about weighing up all the pros and cons, making sure the customer understands everything and so forth. In other words, what […]

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GDPR - Revisited

GDPR – Revisited

Further issues have surfaced with the General Data Protection Regulations due to come into force next May (see last month’s leading article). Again it is around the intention that all data subjects should have the right to demand erasure of records held about them by a company. This time concerns are about advisory firms securing […]

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GDPR

GDPR

The General Data Protection Regulations become law on 25th May 2018. We will be conducting a programme of ‘rolling audits’ with our client firms which we expect will bring everyone to ‘GDPR compliant’ status by the end of March. It is not in fact a major exercise. There is little that is new, most of […]

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HMRC

HMRC

HMRC Tax Collectors have hit on a new tactic for encouraging people to pay what they owe. They have published a list of the main ways they have of identifying miscreants. Presumably the theory is that those who might otherwise try to avoid paying their due, will look at the weaponry arrayed against them and […]

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Structured Deposits

If your firm wants to continue to advise on, arrange and deal in structured deposits after MiFID II takes effect, this will mean a change to your firm’s scope of permission to include this investment type. Up until 2nd January 2018 there is a special process in place, which just involves notifying the FCA of […]

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