WMA Bulletin 23rd August 2016 WMA Bulletin is a fortnightly snapshot delivering the latest news and current affairs from within the wealth management industry and WMA. Download the PDF version here.
What's going on in our industry? HMRC publishes new Automatic Exchange of Information Schema and Guidance HMRC has recently published new Automatic Exchange of Information Schema and Guidance. This incorporates the reporting requirements under the Common Reporting Standard (CRS) under which the first reports are due no later than 31st May 2017. WMA will be hosting a meeting/call with member firms in September to identify any key issues or concerns which we will then take up with HMRC. HMRC has also now published a list of Reportable Jurisdictions under the CRS.
Euroclear publishes consultation paper on proposed Processing Changes in respect of Dividends with Options Further to the article in the last edition of WMA Update, Euroclear has now published its consultation paper on proposed processing changes in respect of dividends with options. The deadline for comments is 7th October 2016. The WMA Operations Committee will consider the consultation at its next meeting on 1st September 2016.
HMRC Discussion Document: Strengthening Tax Avoidance and Deterrents On 17th August 2016 HMRC published a discussion document entitled Strengthening Tax Avoidance Sanctions and Deterrents in which the Government is seeking views on proposals for sanctions against those who enable or use tax avoidance arrangements which are later defeated. The deadline for comments is 12th October 2016.
Internal Data Theft The below two articles have been published recently raising awareness about data thefts that can be perpetrated by employees which members may want to read: - Arrest Made In Sage Data Breach - Credit Suisse is accusing the 5 bankers who left for Jefferies of stealing confidential information
What is WMA up to?
New WMA Members Welcome to the latest WMA member Santander UK Plc and Associate member Infront.
Spring/Summer WMA Journal Read the latest WMA Journal here. Articles in this edition include: - Driving Loyalty in Wealth Management and Private Banking - Women in Wealth - Recognising a Tax Avoidance Scheme - The Risks of Underinsurance - Targeting the Next Generation of Clients - Treating Vulnerable Customers Fairly - Brexit and the WMA Community - Strategic Beta and Fixed Income
WMA Tax Simplification Working Group On 17th August 2016 WMA hosted the second of our Tax Simplification Working Group meetings. It provided an opportunity to refine our list of target issues and a draft document is to be circulated to the working group on 24th August for comment prior to onward circulation to HMRC and HM Treasury.
What's coming up in WMA? WMA Half Day Tax Conference 5th October 2016 (9:30 to 13:30) In view of the political focus on tax evasion the WMA half-day Tax Conference will hear presentations from HMRC policy staff on measures to combat onshore and offshore evasion which impact wealth managers. In addition Angela Knight from the Office for Tax Simplification will outline its work and we will discuss areas of tax reporting that we would like to see simplified for WMA member firms and their clients. The session will end with a presentation on the key reporting differences between FATCA and the OECD’s Common Reporting Standard now that HMRC’s revised schema has been published. Book your place today.
WMA Women in Wealth Forum 6th October 2016 (9 to 14:00) RBS, 250 Bishopsgate, London EC2M 4AA
The final WMA ‘Women in Wealth’ event for 2016 will gather women from across the industry for peer-to-peer networking and inspiration. The event will provide practical hints and tips for delegates to take away as well as provide a platform for candid discussion and access to the UK's top wealth management professionals. Speakers will include women from within the industry and those external to it - view the agenda here. Book now to ensure that you don’t miss out.