The Treasury is consulting on whether to axe the 10% drop rule which requires advisers to write to clients if their portfolios drop by 10% or more. The 10% drop MiFID II rule was suspended during the beginning of the pandemic as markets swung wildly. In an Explanatory Memorandum to the Markets in Financial Instruments […]
Archives for July 2021
SIPP adviser shuts after surge in CMC-linked complaints
Pension adviser Portal Financial Services LLP has shut its doors to new business following a string of complaints to the Financial Ombudsman Service, many brought recently by Claims Management Companies. The company, which previously traded as Portafina, applied to the FCA to cancel its permissions on 18 June after a surge in complaints over the […]
Openwork set for flexible 5 day a week office return
Openwork Partnership, one of the UK’s largest financial advice networks, is planning a staff return to a revised 5 day a week office working model from 6 September if the government further eases Covid-19 restrictions. The company, which has 4,300 advisers, says that while it will open offices five days a week it will adopt […]
As mega-deals proliferate, Focus and CI Financial buy billion-dollar RIAs
With wealth management M&A breaking records on multiple metrics, two of the fastest growing RIA aggregators unveiled deals for billion-dollar firms within five hours of each other. CI Financial struck first on June 28, with the announcement that the Canadian asset manager and giant entrant to the U.S. wealth management scene is making its 19th […]
Last of the ‘Dirty Dozen’: Schemes peddled by tax promoters
In the fourth and final installment of this year’s IRS “Dirty Dozen” list, which highlights common tax-related scams, the IRS cautioned taxpayers to be on the lookout for schemes peddled by unscrupulous tax promoters, including syndicated conservation easements, abusive microcaptive insurance arrangements, and other abusive arrangements (IR-2021-144). Each year, the Service issues an advisory to […]
Linux Variant of REvil Ransomware Targets VMware’s ESXi, NAS Devices
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Is SIP a Mutual Fund? & 13 Common Myths about SIP Debunked
Is SIP a Mutual Fund? What is the difference between Mutual Funds Vs SIP? These were some of the questions I was asked by some one close to me and obviously not financially savvy. I think SIP or Systematic Investment Plan have been marketed so well by mutual funds that it has been misunderstood by […]
Farm businesses receive guidance on tax treatment of losses
The IRS issued Rev. Proc. 2021-14 on Wednesday instructing taxpayers with a net operating loss (NOL), consisting entirely or partly of a “farming loss,” as defined in Sec. 172(b)(1)(B)(ii), on how to make or revoke certain elections including those available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136. For most taxpayers, […]
a million chances to fail
Your mission is to invest for the long term. Simple but not easy. The world will offer you a million chances to fail in that mission. On any given day, over any period of time you want to document, there are plenty of reasons to be fearful and flee to the (perceived) safety of cash. […]
Supreme Court sides with GOP and upholds Arizona voting rules Democrats called discriminatory
The Reverend Debra Haffner, Pamela Wilson and Dawn Wagner Houston carry signs as activists rally in support of the “For the People Act” voting rights legislation in front of the U.S. Supreme Court in Washington, June 23, 2021. Evelyn Hockstein | Reuters The Supreme Court on Thursday ruled 6-3 to uphold Arizona voting rules supported […]