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London & Capital in deal to take on advisers’ US clients

London & Capital is offering to take on advisers’ US clients if they do not want to service them after the Foreign Account Tax Compliance Act comes into force.
Fatca will require all foreign financial institutions to sign an agreement that they will provide the IRS with information on any US taxpayers they deal with.

In February, London & Capital launched five US tax-compliant model portfolios targeting US residents in the UK. The portfolios invest in US-compliant assets and are designed for US citizens and green card holders living outside the US.

L&C investment director Tony McLouglin says advisers can either use the model portfolios to ensure tax compliance, outsource the discretionary fund management for their US clients to L&C or pass them across completely. He says the firm has taken on around 30 clients from six adviser firms in the last two and a half years.

Clients passed over to L&C or referred for discretionary fund management must have a minimum of £500,000 to invest. The model portfolios have a minimum investment of £10,000.

L&C pays trail commission of between 25 and 50 basis points for clients passed to it or referred to its discretionary fund management service.

McLoughlin says: “We are seeing advisers coming back to us saying they are not going to be in a position to properly look after US clients and they have invited us to take on the clients.”


AS 2011: Osborne brands FTT a tax on pensions

Chancellor George Osborne has defended the decision to reject the European Commission’s proposal for a financial transaction tax saying it would be a tax on individual savers not banks. In today’s autumn statement, Osborne said the tax must be rejected to ensure the UK remains at the centre of the world financial system. He said: […]


IFA firm to enter administration following £6m Keydata claims

IFA firm Target Financial Management is to enter administration following £6m of claims relating to Keydata. Bath-based TFM, which has 28 employees, is part of the group Target Chartered Accountants, which has around 197 employees. Subsidiaries Target Consulting Group and Target Consulting entered administration on Friday and TFM is expected to enter administration imminently. Administrators […]

European markets fall in early trades

European markets have made early losses on Thursday after making strong gains yesterday after central banks across the world announced a co-ordinated programme to improve financial liquidity. At 9.39, the FTSE was down by 0.2 per cent to stand at 5495.81, while the German Dax and the French Cac 40 were both down by almost […]

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What price (more) freedoms?

George Osborne will make his last Budget speech of the current parliamentary term this week, and the early media briefings suggest that pensions will again feature heavily in that statement. So what are we able to learn from the weekend’s coverage?


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