United Kingdom: Wealth Management

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Niall Hearty of financial crime specialists Rahman Ravelli assesses revelations about Qatari spending to secure the 2022 World Cup.

Financial institutions that are resident or carry on business in the UK are required to provide their UK tax-resident individual customers with a one-off notice, in a form that has been prescribed by HMRC under new regulations.

The UK government has introduced significant changes to trust registration requirements, affecting both the Trust Registration Service and the Register of Overseas Entities. These new rules expand registration obligations for overseas trusts holding UK land while providing exemptions for certain low-value trusts, requiring trustees to review their compliance status and take action by specified deadlines.

Jersey's strategic position as a leading offshore financial centre is the result of decades of deliberate legislative development, prudent regulation, and a consistent commitment to economic integrity.

Industry leaders have welcomed the Government's new Critical Imports and Supply Chain Strategy, safeguarding UK supplies of critical goods such as medicines, minerals and semiconductors.

Independent Financial Advisers need comprehensive information about a protected party's background, current finances, and future care projections to provide effective advice in Court of Protection cases. Deputies who understand how to frame instructions properly—focusing on what the money needs to achieve rather than simply what's available to invest—receive better-targeted financial guidance and can more effectively manage family expectations through scenario modelling.

The FCA has ended its grace period for Consumer Duty compliance and is now actively using supervisory and enforcement powers to ensure firms deliver good consumer outcomes. With 11 open investigations spanning insurance, pensions, wealth management, and other sectors, plus 382 supervisory interventions in the last financial year, regulators are scrutinizing whether firms have truly embedded Consumer Duty frameworks into their operations. Fair value assessments, vulnerability support, and outcomes monitoring

A postnuptial agreement is an agreement made after a couple has married or entered into a civil partnership. It sets out how they intend their finances and assets to be treated if their relationship later ends. Postnuptial agreements can address many of the same issues as prenuptial agreements, including property, business interests, investments, pensions, inherited wealth and other financial assets. The key difference is timing: a prenuptial agreement is made before marriage or civil partnership, while a postnuptial agreement is made afterwards.

Updating the UK’s individual accountability regime has been timetabled for the new Parliamentary session.

Katten's August 2024 UK Financial Insights covers EU Corporate Sustainability Reporting Directive deadlines, cybersecurity threats for financial firms, FCA consultations on UK wholesale market regulations, final rules on the UK Overseas Funds Regime, and navigating break clauses in commercial leases.

In 2021, at COP 26, the UK Government announced its intention that the UK would become the world's first net zero aligned financial centre.