If I were to pop into your average London-based wealth adviser and blurt out "so what is your FATCA policy as regards Yanks?", I think it is reasonable to presume a look of terror would emerge on the adviser's face.
FATCA and the US government’s new rules for full disclosure of offshore accounts has had a huge (chilling) impact on how most advisers – UK or international – treat their US clients. A euphemism would be to say that dealing with US clients is now viewed as troublesome. The truth would be that most advisers frankly want to get rid of the regulatory and compliance nightmare that is dealing with American clients. Specialist firms like Maseco have been quietly cleaning up in this space, offering hard pressed wealth advisers an easy get out of jail card by effectively managing the particular ...
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