Monday 26th August 2019
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Comsure operates in:the UK, Jersey, Guernsey

News

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HMRC seeks £200m from a tax avoidance scheme in Isle of Man

A High Court ruling has opened the floodgates for HM Revenue & Customs to seek £200m in unpaid income tax from 3,000 members of a tax avoidance scheme run by Isle of Man based firm Montpelier. In a hearing earlier today, the High Court ruled against Robert Huitson, a member of the Montpelier scheme, who […]

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Proposed New Prospectus Order

Proposed New Prospectus Order – The Jersey Financial Services Commission is proposing amendments to the regulation of prospectuses issued by Jersey ‘certified funds’ – that is, collective investment funds established under the Collective Investment Funds (Jersey) Law 1998, which includes Jersey Expert Funds. The changes are to be introduced by the Collective Investment Funds (Certified […]

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FSA fines Derbyshire IFA firm and directors £49k

The FSA has fined Derbyshire-based IFA Sett Valley Insurance Services and its two partners a total of £49,000 for failures with its sales and advice processes. The failings were identified during an FSA visit focusing on treating customers fairly, which is part of the regulator’s assessment programme for small firms. The investigation identified a number […]

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Multi-million-dollar money laundering trial begins in Jersey

Indian businessman Raj Arjandas Bhojwani, who is accused of laundering millions of dollars used for paying bribes, makes his way into court. ONE of the Island’s biggest-ever money laundering trials began in the Royal Court yesterday. The case allegedly involves a former Nigerian president, an intricate plan to sell hundreds of military vehicles to Nigeria […]

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The Lehman client money judgment and the FSA Client Money Ru

Herbert Smith have posted a briefing discussing the main aspects of the Lehman judgment as well as the key implications for FSA regulated firms and their clients. It also discusses some ways in which clients may wish to mitigate the insolvency risks they would otherwise face where their cash is held by FSA regulated firms […]

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FSA’s factsheet for general insurer providers

Climate change thematic review: FSA’s factsheet for general insurer providers – The FSA has published a factsheet for general insurer providers. The subject matter is climate change and the possible higher and more frequent claims in buildings and contents insurance. The factsheet sets out some areas for general insurers with the aim of ensuring that […]

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Ex-Credit Suisse Broker Gets 5 Years in Prison for Fraud

A federal judge sentenced former Credit Suisse broker Eric Butler on Friday to five years in prison and a fine of $5 million after he was convicted of fraudulently selling subprime securities to corporate clients. A jury in Brooklyn, New York, found Butler guilty in August of securities fraud and two counts of conspiracy over […]

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Fraud = £3.8bn a year (part 1)

Fraud in financial services = £3.8bn a year – The National Fraud Authority (NFA) has revealed fraud costs the UK more than £30bn a year – £3.8bn of which was lost in the financial services industry. According to the NFA’s recent report, the financial services industry recorded the highest loss in the private sector, estimated […]

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