UK financial industry hits out at EU hedge fund proposals
In what is becoming a concerted effort to grab more control of the UK financial sector it has been revealed that EU ministers are looking at increasing the regulatory and compliance burden for hedge funds operating in Europe. This is a backhanded attempt to snatch yet more power from the UK authorities as London is widely regarded as the financial capital of Europe.
Under new proposals private equity firms with more than €500 million under management and hedge funds with more than €100 million available for investment will be forced to file detailed financial information on a regular basis with the Financial Services Authority. While on the surface this may sound like a sensible proposal, it is estimated that the change would cost each and every private equity and hedge fund around £30,000 a year.
EU financial ministers have been looking at ways of curbing the power of financial businesses around the world and have launched a number of blatant attempts to reduce the influence of London by tightening the regulatory burden. At a time when the UK economy is struggling to move into positive ground, a tightening of the regulatory burden in the city is the last thing the country needs as a substantial portion of UK tax income is derived from the financial services industry.
Share this..
Related stories
The pressure of debt
As more and more people in the UK feel the pinch in relation to growing debts there is a significant risk to health. It is easy to forget, unless you're in that situation, the significant increase in pressure and stress when trying to balance a family budget, repay debt and also live a life, when income is under pressure and employment positions are being lost in the UK each and every day.
...
FTB products available double over three years
01/06/2015 The number of mortgage products available to first-time buyers has risen to 2,776, double the number of products available in April 2012. Research from MoneySuperMarket has shown that partly thanks to the governments help to buy scheme, there are double the number of first-time buyer products available today compared with April 2012. Also, mortgage rates have fallen to their lowe...
Read MoreCash Genie to pay customers £20 million compensation
27/07/2015 Cash Genie, a payday loan company, faces a £20 million compensation bill for charging customers £50 for transferring them to the firms debt collection business. The Financial Conduct Authority (FCA) investigated the companies past processes and found a number of serious failings, which caused detriment to many customers, such as: • Unfair fees and interest • Loans bei...
Read MoreChance to avoid Fines over late Tax-Returns
HM Revenue and Customs (HMRC) have offered taxpayers who have failed to file tax-returns a window of a few weeks to submit them, and has warned that if they fail to do so they will face large fines. The normal procedure for HMRC is to issue fines of 100pc of the tax due to those who fail to file tax-returns, but in a special initiative they have offered taxpayers who have failed to submit retu...
Read MoreBenefits cuts cost poorer households significantly
23/01/2015 Changes to taxes and benefits that the current government brought in have cost the average UK household £1,127 a year, according to the Instituted of Fiscal Studies (IFS). Tax and benefit changes include increased in National Insurance Contributions, substantial cuts to benefits and an increase in the main rate of value added tax. Low income- working aged households were hardest...
Read More