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‘Gloves are off’ as auto-enrol escalating fines bite

Advisers fear the first four escalating fines issued to employers by The Pensions Regulator are the tip of the iceberg as more than a million of the UK’s smallest firms prepare to auto-enrol staff for the first time. The regulator’s latest quarterly compliance bulletin shows it sent £400 fixed penalty notices to 198 employers in […]

Lenders in talks with tech providers on individual broker validation

Lenders are in talks with technology providers to develop a solution where they can evaluate brokers on an individual basis. Presently, lenders have information at a firm level but sources say a group of lenders has started talks to find a way of validating individual brokers. It is thought the lenders, the identities of which are […]

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FCA fines Merrill Lynch International £13m over transaction reporting

The FCA has fined Merrill Lynch International £13.3m for transaction reporting failures. The regulator says MLI incorrectly reported over 35 million transactions, and failed to report a further 121,387 transactions between November 2007 and November 2014. The fine is the highest ever imposed by the regulator for transaction reporting failures. The FCA says the size […]

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Tribunal upholds investor’s claim over £383k tax bill

Investors who have overpaid tax when drawing money from investment bonds could reclaim it through the courts following a ruling in favour of an investor who was landed with a £383,000 tax bill. The Upper Tribunal ruled in favour of Joost Lobler last week after he challenged HM Revenue & Customs over the bill. Lobler […]

The Merchants Trust PLC – April 2017

Welcome to the latest update for The Merchants Trust PLC from the Trust’s portfolio manager, Simon Gergel. Portfolio Review The Merchants Trust reported results this month and the directors were pleased to announce a 35th consecutive year of dividend growth (subject to shareholder approval at the AGM). The Company is proud to be highlighted as […]

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