bulletNEWS

 

LATEST NEWS

IFAs: Support trade associations or jeopordise independence

IFAs: Support trade associations or jeopordise independenceThe last month has been one of travel. Firstly a symposium to address in Toronto...
view article

Gov't proposes FCA enforcement overhaul

From Tax & Regulation Dec 19 2014 @ 11:46

SLI global expansion set to continue into 2015

From United Kingdom Dec 19 2014 @ 11:17

MORE FROM Analysis

LATEST NEWS

Axa agrees sale of Romanian business

Axa agrees sale of Romanian businessAxa has announced the sale of its life and savings insurance operations in Romania...
view article

HK firms must fix failures in sale practices...

From Asia Dec 18 2014 @ 15:57

Rysaffe set to continue following Gov’t...

From Tax & Regulation Dec 18 2014 @ 15:46

MORE FROM Europe

LATEST NEWS

JPM AM acquires Aviva Investors Asia Pacific platform

JPM AM acquires Aviva Investors Asia Pacific platformJP Morgan Asset Management has acquired Aviva Investors’ Asia Pacific Real...
view article

Jailed IFA banned from industry

From United Kingdom Dec 18 2014 @ 11:13

Barings to debut with three Hong Kong domiciled...

From Products Dec 18 2014 @ 10:54

MORE FROM Asia


 

bulletEDITOR'S PICKS

 

Bond portion control – Technical briefing

From Tax & Technical Dec 17 2014 @ 05:18

A bond’s ownership structure can be adapted, futureproofing a family’s investment as their needs...
view article

EEA action group claims FSA ‘unlawfully restricted human rights’

From Products Dec 15 2014 @ 17:27

An action group for life settlement fund investors has accused the FSA of “unlawfully restricting...
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...