Specialist wealth firms seize post-FATCA opportunity

Specialist wealth managers are reaping the benefits of FATCA as US expats rush to get their affairs in order and find themselves turned away from some UK firms.

UK businesses such as Redmayne Bentley and Brewin Dolphin have closed their doors to US clients as they are unwilling to take on the extra investment and administration involved in servicing them due to the Foreign Account Tax Compliance Act (FATCA). FATCA requires financial institutions outside the US to report details about their US clients to the Internal Revenue Service, in a move to prevent US taxpayers concealing assets and avoiding tax. As a result, US clients are being forced to move from firms they may have used for many years to alternative advisers. This is proving a gol...