HM Revenue & Customs says changes to non-domicile taxation planned for April remain a “work in progress”. Tax experts have predicted that the draft legislation, published last week, could provoke an exodus of wealthy foreigners over the proposed £30,000 tax.
The Treasury has confirmed a new financing structure for stricken lender Northern Rock which would see the £25bn Bank of England loan converted into Government bonds and sold.The Government says that if no private proposal is received, it will look to bring forward legislation in order to temporarily nationalise Northern Rock.It says that in any […]
Origo is launching an online agency registration service to allow directly authorised adviser firms to set up trading relationships with numerous product providers using one electronic application.E-commerce standards body Origo says the Adviserwise Agency Registration Service aims to replace the existing paper-based agency registration process, whereby separate agency registrations are required for every product provider […]
HSBC-owned HFC Bank may have to pay out over £11m after FSA action on misselling payment protection insurance.The regulator fined HFC £1.5m last week for misselling PPI and industry experts suggest it will have to pay around £10m in compensation to missold customers. HFC got a 30 per cent discount by settling at an early […]
Clarkson Hill Group has posted its first-ever profit along with a 36 per cent increase in turn-over from £13.4m to £18.3m for the year ending July 31, 2007.Profits were £25,279 compared with a £323,998 loss the previous year. Operating efficiency improved to 19.6 per cent from 22 per cent in 2006.Funds under management rose by […]
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The Treasury select committee has published an internal memo in which staff at Royal Bank of Scotland were told to let struggling businesses “hang themselves” in the wake of the financial crisis. Staff at the now defunct RBS Global Restructuring Group listed in a document written in 2009 a number of tips to leverage fees […]
Newly-merged adviser trade body Pimfa is calling for the FCA to change how it plans to calculate the Financial Services Compensation Scheme levy, to take discretionary fund managers out of its remit. The FCA’s consultation on FSCS funding reform said all firms falling under its investment provision funding group are classiffied as product providers and […]
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