Some time ago we wrote about the impact on UK charities of the Foreign Account Tax Compliance Act ('FATCA'). UK charities with US investments became obliged under FATCA to certify their status to banks and investment managers, but in essence, th
The FRC found that in relation to year ends for 2007 and 2008, the firm and McClean failed to obtain an adequate general understanding of the legal and regulatory environment in which PMS operated for the purposes of the audit.
In an update on this work, published today (29 February), the FCA said disclosure to investors in one of three areas the industry should focus on.
A statement from prosecutors said: "The Swiss bank is suspected of having directly, and not via its Belgian subsidiary, approached Belgian clients to convince them to set up constructions aimed at evading taxes."