Financial Services news

The latest news from the financial services industry

[Insurance] The new Brexit reality

In the early hours of this morning it became clear that the British people had voted to leave the EU. The implications of that decision are already being felt in the financial markets and all businesses operating in the financial services industry need to evaluate the implications of the decision on their business and future strategy. Perhaps more urgently, as the shockwaves of the decision are being felt across UK and EU financial markets, the impact on capital and liquidity needs to be quickly addressed.

[Banking] PRA cross-firm review of COREP returns

The Prudential Regulation Authority (PRA) is due to undertake a cross-firm review of the completeness and accuracy of COREP returns. The first reviews are likely to take place in the final quarter of this year focusing on the 30 September 2016 returns (due on 11 November 2016) and the review is likely to continue into 2017 with a second wave of firms likely to be selected for review.

[Financial Services] - The implications of Brexit

The new Brexit reality...

Although it only recently became clear that the British people had voted to leave the EU, the implications of that decision are already being felt in the financial markets and the financial services industry.

[Asset Management] German rules on tax credits

The German Ministry of Finance released its draft consultation bill on 17 December 2015 covering the taxation reform of capital market transactions. The proposed changes provide significant restrictions on tax refund and credits for German taxpayers in relation to withholding tax (WHT) on German dividends.

[Banking] The Common Reporting Standard is now live

Are you compliant?
The Common Reporting Standard (CRS) went live in the UK with effect from 1 January this year. In the brave new world that we have now emerged into, all UK-based financial institutions (FI) (including banks, funds and insurance companies, as well as UK branches and subsidiaries of overseas FIs) should have implemented new on-boarding procedures to capture the tax residency of their customers, together with the information that will need to be reported to HMRC.

[Banking] Mazars comments to HMRC on the Personal Savings Allowance

At the last budget the UK Government announced a tax-free Personal Savings Allowance. It is designed to reduce the amount of tax payable on interest earned on savings by introducing an allowance of £1,000 (or £500 for higher rate tax payers). As part of the change in regulations, from April 2016 banks and building societies will stop deducting 20% income tax automatically from the interest earned on any non-ISA savings.

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