UBS will launch a new robo-advisor service in the UK on November 21. The launch is part of a $1bn initiative to attract younger clients, with the firm’s wealth management business planning a follow-up advertising campaign in 2017. The Swiss bank will keep the minimum investment required for the new service to £15,000, while it usually requirs £2m to open a private bank account.
UBS said Spain asked Switzerland for help in tax matters on Friday,agency Reuters reported. Similar requests came from France and the Netherlands earlier this year.
Last month, however, the Federal Court has given the green light to the delivery of data to the Netherlands for a UBS Dutch client, disavowing the TAF that was opposed in March.
UBS agreed to pay over $15 million to settle U.S. Securities and Exchange Commission charges that the bank failed to properly instruct advisers on risks tied to structured products.
The case revolves around the sales of approximately $548 million in reverse convertible notes (RCNs) to 8,743 UBS retail customer, who were relatively inexperienced and unsophisticated, between 2011 and 2014. The RCNs are complex securities that feature embedded derivatives whose performance is driven by the concept of implied volatility.
UBS cuts 56 back-office jobs in Luxembourg, part of the plan of reducing costs. Earlier this month the group had planned to eliminate 60 workplaces in the Grand Duchy for replace in Wroclaw, Poland, where labor cost is lower.
Switzerland will hand over to the Netherlands, on the basis of an application grouped, the data of a UBS Dutch client. Gathered at a public hearing yesterday, the Federal Court (TF) has disavowed the Federal Administrative Court (FAC), who had opposed last March.
In July last year, the Tax Division of the Netherlands had submitted a request for administrative assistance relating to the banking information of UBS. In its request, the Dutch tax authorities had not indicated the names of UBS clients involved, but only provided the criteria for their identification.
