Regulation & Tax

Switzerland has seized CHF 7.7 billion in Russian financial assets, an increase on the CHF 7.5 billion seized by the end of last year.

The Swiss Financial Market Supervisory Authority (FINMA) is taking various measures to implement the recommendations of the Network for Greening the Financial System (NGFS).

Swiss private bank Banque Pictet has admitted to conspiring with US taxpayers and others to hide more than $5.6 billion from the Internal Revenue Service (IRS).

Wealth manager Waverton Investment Management has launched its 2024 emerging artists award, in partnership with restaurant group Boisdale, offering £10,000 in prize money.

Madrid and London headquartered fund distribution platform Allfunds has been authorised to operate as a third country branch in the UK.

UK regulator the Financial Conduct Authority (FCA) has set out plans to require personal investment firms to set aside capital so they can cover compensation costs if they are found to have given poor advice.

PIMFA, a trade association for wealth managers, has welcomed the FCA's proposal that personal investment firms should hold capital for potential compensation costs in a move towards a 'polluter pays' model.

The Jersey Financial Services Commission (JFSC) is set to examine politically exposed persons (PEPs).

The FCA has introduced a package of measures targeted at tackling greenwashing and improving transparency around investment products.

Small income tax cuts seem likely in the UK Chancellor Jeremy Hunt's Autumn Statement, with stamp duty land tax cuts also expected to remain permanent, according to private wealth professionals.