FATCA will be ‘as big as RDR', industry leaders fear

Industry leaders have warned the upcoming FATCA regulations from the US are "as big as RDR" and could cost the UK hundreds of millions of pounds.

Schroders' managing director Robin Stoakley said he is concerned fund groups and platforms are not doing enough to prepare for regulation that could be a game-changer on the scale of the Retail Distribution Review. "FATCA is the elephant in the room no-one is talking about," he said. "I am staggered that this could be such a huge expense for the industry, but no-one is doing anything about it. "Platforms and distributors will be massively impacted by this as well as fund managers. In many ways it is as big as RDR. Administratively, it is huge." According to Schroders' estimates, FA...