A tax company has warned that many advisers may be ‘sleep walking’ into criminal prosecution if they cannot show that they have taken reasonable precautions to prevent tax evasion from their clients.
At the end of the year the Senior Manager’s Regime will be extended to cover all regulated firms. If firms have been behaving themselves this shouldn’t change much about their regular practices but evidencing compliance could still be a big piece of work and this may have all sorts of unintended consequences.
The FCA’s Chief Executive Andrew Bailey has been defending the the impact of MiFiDII and believes it could save investors £1bn over the next four years.
The FCA has revealed its final, final, definitely the last for the time-being no deal Brexit plans and it contains some valuable reassurances on customer protections, but it’s a sobering thought to remember that there’s still a very good chance that all of this will have been for nothing.
The number of people being banned by the FCA has risen over the past year, but the chances are this is only the beginning.