bulletNEWS

 

LATEST NEWS

Fund manager profile: Coupland Cardiff's Jonathan Dobson

Fund manager profile: Coupland CardiffOne of the first things you discover upon meeting Yorkshire native and Coupland...
view article

Coral adds to management team following GSA...

From People Oct 23 2014 @ 17:05

Credit Suisse returns from slow half year with...

From Europe Oct 23 2014 @ 16:45

MORE FROM Profiles

LATEST NEWS

QROPS to receive same flexibility as UK pensions

QROPS to receive same flexibility as UK pensionsThe Taxation of Pensions Bill, debated in Parliament last week, will ensure...
view article

HMRC tax demands total £250m

From Tax & Regulation Oct 23 2014 @ 10:57

Manulife Singapore seals deal with RHB Bank...

From Asia Oct 23 2014 @ 10:30

MORE FROM Retirement

LATEST NEWS

Funds start buying into Alibaba

Funds start buying into AlibabaJust over one month after Alibaba's $25bn IPO on the NYSE, the largest in history,...
view article

BNY Mellon to rollout discretionary business in...

From Asia Oct 23 2014 @ 02:14

EEA accused of 'deliberately' withholding...

From Products Oct 22 2014 @ 16:57

MORE FROM Asia


 

bulletEDITOR'S PICKS

 

QROPS to receive same flexibility as UK pensions

From Retirement Oct 23 2014 @ 12:33

The Taxation of Pensions Bill, debated in Parliament last week, will ensure additional benefits...
view article

EEA accused of 'deliberately' withholding information

From Products Oct 22 2014 @ 16:57

EEA has been accused of “deliberately” withholding information after an action group discovered...
view article


bulletRELATED ARTICLES

 


IA ANALYSIS: FATCA is stranger than fiction

From Tax & Regulation Jul 22 2014 BY: Gary Shepherd , Editor , Portfolio Adviser

Add to My News Comments (1)

Add to My News Print

Add to My News

add to twitter

add to linkedin


FATCA was implemented worldwide at the beginning of this month, but the impact (and costs) are only now just beginning to filter through to the financial services community.

Part of the US Hiring Incentives to Restore Employment Act (HIRE), FATCA aims to ensure Americans, wherever they are and whatever investments they have, are paying the correct level of US tax. 
 
The UK Government estimates it will cost UK financial institutions up to £1.6bn to implement FATCA in this country, with ongoing costs of up to £90m per year. But, as far as wealth managers are concerned, this is more than just about spending money. 

Sleepless nights

The ongoing compliance burden facing intermediaries is well known, with the FCA’s requirements on suitability of advice, its wholesale sector competition review and AIFMD among the issues causing more than a few sleepless nights. FATCA could be toughest of the lot in terms of keeping client data in order. 
 
Andy Thompson, director of operations at the Wealth Management Association, stresses that understanding the purpose of FATCA and what is required is difficult, particularly for small firms. 
 
“While the registration process is relatively straightforward, the due diligence for all pre-existing accounts and every new account is a huge undertaking for any firm, big or small as is the amount of information that will have to be reported for relevant accounts,” he says. 
 
Page 1 of 2
 |<  < 1 - 2  >  >| 

Add to My News Comments (1)

Add to My News Print

Add to My News

add to twitter

add to linkedin



COMMENTS


Have your say

Have your say!

Please sign in or register here to leave a comment. Registration is free and only takes a few moments.

Don

Opinion Former

Posted by Don
OPINION FORMER
on Jul 23 2014 @ 03:15


In Canada the ADCS is taking the Canadian Govt to the Canadian Supreme Court over FATCA. Dual citizens are furious.

Expect legal challenges in Europe as well which could lead to the European Court of Justice.

FATCA is far from a done deal for dual citizens.

Stay tuned.





Share us on Twitter

SHARE US ON TWITTER
Join the community

Join us on Linked In

SHARE ON LINKED IN
Inform your colleagues

Switch to our mobile site

SWITCH TO MOBILE SITE
News on the go

Back tot he top of the page

BACK TO TOP OF PAGE
Just click here...