WMA Bulletin 19th October 2016 Dear WMA Member WMA Bulletin is a fortnightly snapshot delivering the latest news and current affairs from within the wealth management industry and WMA.
What's going on in our industry? HMRC draft guidance on failure to prevent the criminal facilitation of tax evasion On 13th October HMRC published draft Government guidance in respect of the proposed new corporate offence in respect of a failure to prevent the criminal facilitation of tax evasion. This is relevant to WMA members and more detailed information will be provided in the next WMA Update. WMA also had a call with the Association of British Insurers and the Investment Association in respect of financial advisers and their potential role as “associated persons” in any facilitation of tax evasion.
What is WMA up to? Brexit – Engaging the Department for Exiting the European Union Following meetings with HMT and the FCA, and the submission to Treasury of the WMA first paper on exit negotiations with the EU, we met the Department for Exiting the European Union (DEXEU) to discuss our position further on 18th October. We introduced the wealth management sector, its industrial context, its value to the UK economy, jobs and growth, and its interaction with EU legislation. We have also drafted new materials in support, derived from our original paper, and will have these ready for members in October.