The increasing demand for tax transparency means that firms advising high net worth clients (HNWI) need to be prepared for a ‘quantum leap’ to meet international global compliance requirements and the common reporting standard, says Geoff Cook, CEO, Jersey Finance
Of all issues to come out of this year’s Jersey Finance Annual London Private Client Conference, there was clear consensus that the introduction of the OECD’s Common Reporting Standard (CRS), which comes into play in the UK from 1 January 2016, is considered a ‘quantum leap’ for firms advising clients in the wealth management space.
Throughout this year’s conference, which was attended by more than 400 private client accountants, lawyers and wealth advisers, it was clear that the combined complexity of the various reporting and information exchange frameworks now in place is a cause for real concern – whether it’s the OECD’s CRS, US Foreign Account Tax Compliance Act (FATCA) or, as far as the Channel Islands are concerned, the intergovernmental agreement with the UK.
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