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FSA strikes adviser off for unpaid fees and regulatory failings

The FSA has cancelled the permission of Joy Obika Sydney, trading as Joy Sydney Finance, for regulatory failings including unpaid FSA fees of more than £1,000 .

The FSA says Sydney failed to comply with repeated requests to provide information about the firm’s standards of compliance with FSA rules and principles for businesses.

She also failed to pay the regulator fees and levies totalling £1,094.17.

In its final notice, the FSA states: “These failures, which are significant in the context of your suitability, lead the FSA to conclude that you are not conducting your business soundly and prudently, and in compliance with proper standards, that you are not a fit and proper person, and that you are therefore failing to satisfy the threshold conditions in relation to the regulated activities for which you have Part IV permission.”


Trust tax rate will rise to 50%

From April 2010, the tax rate of trusts will rise to 50 per cent. This replaces the 45 per cent additional rate announced in November’s pre-Budget. The dividend trust rate for discretionary trusts will also increase from 32.5 per cent to 42.5 per cent.

CBI says British economy to shrink 3.9%

The British economy is expected to shrink by 3.9% in 2009, more than expected only a few months ago. The Confederation of British Industry (CBI) has revised its forecast for gross domestic product (GDP) in Britain, saying the country’s economy will contract by 3.9% in 2009 compared with the 3.3% fall predicted in February.A report […]


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