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. (…)
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. (…)
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.
If you want to learn more about FATCA attend a 1 day practical workshop in London which will help you to understand the requirements and implications.
To read more go to: International Adviser
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