Stockbroking firm Redmayne-Bentley has stopped offering its services to US clients as it moves to comply with incoming tax regime FATCA.
With groups and wealth managers scrambling to ensure they are compliant ahead of the first significant deadline this week, Redmayne-Bentley said it has registered with the IRS, but has chosen to exclude US clients from now on. Its existing US clients have been transferred to other firms, and the firm has taken steps to prevent US citizens accessing its services in future. Redmayne-Bentley’s head of operations, Tim Archer, said: “We only had a small number of clients that fell into this category and, by divesting them, it allowed us to concentrate on our core market.” Beforehand, th...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
