WMA Bulletin 4th 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? Client Notification Regulations On 30th September the International Tax Compliance (Client Notification) Regulations 2016 came into force. These require financial institutions and other entities to inform clients with offshore accounts of their responsibilities in respect of UK tax liabilities. A fuller note on this will be included in the next WMA Update.
Industry Working Group on Transfers and Re-registrations On 22nd September 2016 WMA attended the latest industry working group that is finalising a consultation paper in respect of asset and wrapper transfers and re-registrations. The consultation is expected to be published in the next two weeks and a link to it will be available via the WMA website.
What is WMA up to? Retail Markets Committee On 21st September the WMA Retail Markets Committee had a discussion with Stuart Rutherford in his role as Business Development Manager for SMEs & Retail Markets at the London Stock Exchange. Brexit, quote to deal ratios, and broker exit fees were also discussed at the meeting.
Senior Managers Regime The WMA has met with the FCA to discuss the extension of the Senior Managers Regime to investment businesses. Further engagement with the FCA is planned before the publication of the Consultation Paper (CP) next year.