Fatca fatigue setting in, expert warns

Costs rising as deadline approaches

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Financial institutions are tired of dealing with the Foreign Account Tax Compliance Act (Fatca) amid continued confusion over what needs to be done, one expert warns. Jon Watts, director and head of banking and securities, Fatca at Deloitte New York, told delegates at an Inside Reference Data conference in New York this week that even the largest financial institutions are fed up with Fatca. "Some of the biggest major financial institutions have had major programmes structured around Fatca go