The Association of British Insurers (ABI) and Association of Professional Financial Advisers (APFA) have published joint guidance for insurers and financial advisers on the tax information requirements for new customers following the implementation of the US Foreign Account Tax Compliance Act (FATCA) in the UK.

The new requirements require life insurers to know the tax residency status of their customers acquiring certain life policies and purchased life annuities. This will include both purchases and assignments of products.
Financial advisers that introduce the business and undertake the relevant know your customer and anti-money laundering checks for insurance companies also need to be aware of the new rules.
This may generate additional requirements and reporting obligations for financial advisers introducing life insurance business.

Copies of the guidancettps://www.abi.org.uk/
and
related press release are available. ttps://www.abi.org.uk/News/News-updates/2014/04/ABI-and-APFA-launch-new-guidance-on-tax-residency-information-for-insurers-and-financial-advisers