Compliance Corner - FCA, HMRC

Editorial Staff 30 July 2018

Compliance Corner - FCA, HMRC

The latest compliance issues in wealth management across the UK, Europe, Middle East and Africa.

The UK’s finance watchdog, Financial Conduct Authority, has issued a warning against BCG Wealth Group, an unregulated financial services provider targeting UK consumers. To carry out this work, BCG Wealth Group should be registered with the FCA, as should almost all firms and individuals offering, promoting or selling financial services or products in the UK, the financial watchdog said. Details for the firm were given on the FCA's website as:

BCG Wealth Group
Address: 86-90 Paul Street, London EC2A 4NE
Telephone: 0800 246 1533

The former football agent of Dennis Bergkamp and Thierry Henry, Jerome Anderson, has lost his £1.2 million ($1.58 million) tax battle with HMRC, according to the UK tax collector.

Anderson and eight others failed in their attempt to avoid large amounts of tax, using a scheme that involved investments in the recruitment and training of young footballers at the Bafana Soccer Academy in South Africa. Anderson tried to claim a £3 million artificial trading loss to reduce his tax bill.

The Upper Tribunal found that Anderson’s activities were more like those of an investor and this did not show that he was trading. This decision means that he could not claim a trading loss and tax was due.

“The court has made it clear that these schemes don’t work,” said Penny Ciniewicz, HMRC’s director general for customer compliance. “Our public services rely on everyone paying their taxes and it’s unfair for people not to pay their share. Anyone who’s caught up in tax avoidance and who wants to put it behind them should come forward now and settle what they owe”.

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