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FCA fines Aviva £8.2m over wrap platform failings
Aviva has been fined £8.2m ($10.4m, €9.3m) by the Financial Conduct Authority (FCA) for failing to monitor outsourced client assets on its wrap platform.
HMRC rakes in £126m from lifetime allowance penalties
HM Revenue & Customs has reported a significant rise in the number of British savers breaching the lifetime pension allowance (LTA) over the past year, collecting £126m ($163m, €146m) in additional tax revenue between 2015/16, up 38% from £78m the previous year.
Best Practice | 1 Sep 16
FCA bans and fines adviser who lied about her qualifications
The Financial Conduct Authority (FCA) has banned Elizabeth Anne Parry from performing any function in relation to any regulated financial activity and fined her £109,400 ($143,419, €128,657) for repeatedly lying about her qualification status.
Hong Kong regulator fines BNP Paribas HK$4m for overcharging
The Securities and Futures Commission (SFC) has fined BNP Paribas Wealth Management HK$4m (£393,000, $515,664, €461,793) for overcharging its clients.
Best Practice | 17 Aug 16
Advisers face hefty fines in HMRC tax avoidance crackdown
Tax advisers and accountants in the UK who help clients avoid paying tax could face fines of 100% of the tax avoided, according to new proposals being considered by HM Revenue and Customs (HMRC).