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...
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