In line with the MAS's efforts to continue the improvement in regulation of advisers in Singapore, all advisers are required to take an additional two examinations, being M8a (Collective investments) and M9a (Insurance).
Additionally the MAS are set to increase the minimum education level for advisers working in firms in Singapore.
All Meyado advisers in Singapore hold degrees, and many hold higher level qualifications, such as MBA's.
Mark Paine
Meyado
www.meyado.com.sg
Thursday, March 29, 2012
Tuesday, March 27, 2012
MAS to Review Financial Services in Singapore
The MAS announced its intention to review financial services in Singapore, making special mention of commissions and layering of commissions on insurance products.
The review is welcome and is the first step toward creating a fee based model in Singapore.
An awful lot of consultation and research now needs to take place, but this is the biggest shake up in Singapore Financial Services since the introduction of the Financial Advisers Act.
Mark Paine
Meyado
www.meyado.com.sg
The review is welcome and is the first step toward creating a fee based model in Singapore.
An awful lot of consultation and research now needs to take place, but this is the biggest shake up in Singapore Financial Services since the introduction of the Financial Advisers Act.
Mark Paine
Meyado
www.meyado.com.sg
Thursday, March 22, 2012
UK Budget Whiplash
So it seems the budget in the UK, as ever, has gone down like a lead balloon. I can't imagine Osborne envisaged the Daily Mail running the Granny Tax story front page two days running.
Truth of it is, looking at it from outside of the country, more needs to be done to keep higher earners in the UK and not force them out with a 50% higher rate tax. Percentage revenues may be higher, but there will be less of them staying so GBP revenue will fall. Whilst I don't see a stream of expats wanting to get back to the UK as higher rate tax is 'only' 45% it will tip the scales for a few.
QROPS clarification is probably a good thing. At least if the government spends more time looking at it there will be a greater understanding and more transparency forced into schemes.
Personally I would have liked to have seen some easing on petrol pricing to further help businesses get going again, but the reduction in corporation tax will be a big help.
Mark Paine
Meyado
www.meyado.com.sg
Truth of it is, looking at it from outside of the country, more needs to be done to keep higher earners in the UK and not force them out with a 50% higher rate tax. Percentage revenues may be higher, but there will be less of them staying so GBP revenue will fall. Whilst I don't see a stream of expats wanting to get back to the UK as higher rate tax is 'only' 45% it will tip the scales for a few.
QROPS clarification is probably a good thing. At least if the government spends more time looking at it there will be a greater understanding and more transparency forced into schemes.
Personally I would have liked to have seen some easing on petrol pricing to further help businesses get going again, but the reduction in corporation tax will be a big help.
Mark Paine
Meyado
www.meyado.com.sg
Wednesday, March 21, 2012
UK Budget 2012
The affect of the UK budget on my clients is in the main relevant to UK domiciles intending to return to the UK, although there is one alteration to non-domicile residents.
Life insurance taxation and avoidance of tax through offshore vehicles seems to bear the main brunt of the changes. Offshore Trusts are also on the watch list.
The Government is obviously unhappy with the volume of QROPS transfers and is seeking to ensure there is no unfair taxation treatment on these, and also reducing avoidance potential with a 10 year reporting requirement.
IHT has gone down to 36%
Mark Paine
Meyado
www.meyado.com.sg
Life insurance taxation and avoidance of tax through offshore vehicles seems to bear the main brunt of the changes. Offshore Trusts are also on the watch list.
The Government is obviously unhappy with the volume of QROPS transfers and is seeking to ensure there is no unfair taxation treatment on these, and also reducing avoidance potential with a 10 year reporting requirement.
IHT has gone down to 36%
Mark Paine
Meyado
www.meyado.com.sg
Tuesday, March 20, 2012
Volksworld Show
The Volksworld show takes place at Sandowne Park this weekend. Sadly I won't be there this year, but if you have the opportunity and have a vaugue interest in cars it's a brilliant weekend.
Check it out here
http://www.volksworldshow.com/
Mark Paine
Meyado
www.meyado.com.sg
Check it out here
http://www.volksworldshow.com/
Mark Paine
Meyado
www.meyado.com.sg
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