View more on these topics

Fatca will spread to other countries

The Investment Management Association has warned that other jurisdictions are likely to follow the US in introducing their own version of the foreign account tax compliance act.

Fatca will be introduced in January 2013 and will impose new onerous reporting requirements on UK financial institutions to provide the US Internal Revenue Service with information on any US taxpayers they deal with. Penalty for non-compliance is a 30 per cent withholding tax, imposed on a pro-rata basis and levied on the gross proceeds of any US assets. KPMG estimates that Fatca could cost fund firms up to £45 per investor.

IMA head of taxation Steve Lynam warns other countries are likely to follow America’s lead and introduce their own versions of Fatca. He says this would add further significant costs to the industry as they are likely to deviate from the US Fatca and require special system changes for each country’s legislation.

He says: “It is very likely Fatca will set a new international bar where other countries start to put similar laws in place. We are not going to end up in a world with just one Fatca.”


Halifax Intermediaries system glitch causes confusion

A glitch on Halifax Intermediaries’ website caused confusion today when a number of “dummy” products appeared on it which were not available to borrowers. The products are not supposed to be live and are in the system to stop applications that are incomplete from “dropping off” when products expire. One of the products which showed […]


Europe rebuffs calls for rise in compensation level

The European parliament has refused to back a recommendation to increase the Investor Compensation Scheme’s maximum guaranteed level of compensation to €100,000. In April, the economic and monetary affairs committee published draft amendments calling for the maximum guarantee to be doubled from the European Commission’s proposal of €50,000. In a plenary session in Strasbourg this […]

March of the non-conformists

Paul Thomas asks if a spate of mortgage-backed securitisations is just the jolt the market needs

Hornbuckle passes £280,000 FSCS levy to clients

Hornbuckle will pass on its £280,000 FSCS levy to clients as the firm moved into operating profit during 2010, annual accounts show. In March Money Marketing revealed the Sipp and Ssas provider was considering passing its levy, which it originally expected to reach £375,000, onto its clients. The levy has since been reassessed and revised […]

Naming a reward programme

Six tips to get your reward programme name right

by Debra Corey, group reward director  Choosing a name isn’t easy. Whether it’s for your new puppy, a bundle of joy or your reward programme, a name determines a first impression – and often a lasting memory. When it comes to your reward programme, the name will determine how your employees feel about it even before […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm