ABI and APFA join forces on tackling new tax regulation

The new regulatory requirements mean life insurers will have to know and report the tax residency status of their customers who acquire certain life policies, purchased life annuities and deferred annuities. Financial advisers will also need to be aware of the new rules as they may be asked to report the information when introducing customers to life insurance companies. The changes came after the UK and US signed a treaty in 2012 to implement the Foreign Account Tax Compliance Act (FATCA) in the UK, which meant UK financial institutions were required to report information on accounts...