Business News – FATCA – UK

Chris Clark, Prosperity 24.7’s Managing Director was recently interviewed by the local paper, the Jersey Evening Post, regarding FATCA and the UK’s attempt to disrupt the Channel Islands of Jersey and Guernsey from signing a direct agreement with the USA.

You can read the original article here – JEP News Article

In summary, due to Prosperity 24.7’s specialist experience in assisting clients with FATCA initiatives and also having built a software application based on Microsoft Dynamics CRM 2011, Chris was asked what he thought of the maneovre, he commented “Previously the impact of Fatca was about reporting overheads and the significant administrative burden incurred for the cost of compliance / remediation but Industry appeared all but resigned to the position. This move however, by the UK to request full disclosure of any Trust beneficiaries at first glance, looks like a threat to the Islands ability to provide confidential banking services which is at the heart of our integrity and service provision, it must bring into question the Data Protection rights of clients that have entrusted their details to Jersey businesses. A worrying implication indeed if this is in fact the case. I am sure the big four will have a qualified position on this and I look forward to hearing what they have to say regarding this development.”

When asked about Prosperity 24.7’s subject matter expertise Chris added “Prosperity 24.7 have been monitoring Fatca implications to Industry since April 2011 as we are building a software solution for data aggregation to enable Fatca reporting and record remediation, the solution will enable secure online reporting for beneficiaries to disclose interests. We also provide consultancy and project management regarding the system implications that banks / financial services businesses need to update to capture the required indicia that identify clients and beneficiaries as within scope for Fatca”.

If you have a FATCA issue, whether it be remediation, system integration, online reporting or the need to purchase a system that can help with all of these areas, please do not hesitate to contact us directly and urgently given the timelines – or +44 (0) 1534 877247.