‘Robin Hood’ tax steals from savers


The populist ‘Robin Hood’ tax, named after a heroic outlaw in English folklore that took from the rich to give to the poor, is being heralded as a way that the financial services industry pays its way for the government bail-outs it has received. But will the Financial Transaction Tax endanger the future of UCITS?

The FTT will result in money market funds – many of which use the UCITS wrapper – going out of business, according to the European Fund and Asset Management Association. EFAMA says the levy will also reduce the attractiveness of long term savings in