Self Certification - Friends Provident
The Organisation for Economic Co-operation and Development or OECD has developed the Common Reporting Standards (CRS).
The UK has signed up to this standard and as such legislation in the UK has been introduced to conform to this standard which is basically a measure to tackle tax evasion, Friends Provident now requires clients to complete a ‘self-certification’ form to comply. This form will confirm your country of tax residency and in doing so will ensure that Friends Provident have accurate records.
The details will have to be obtained either through the client or alternatively if no correspondence is received, through the appropriate tax authority. This will involve the disclosure of policy details including the clientss names and country of residence. If your details are not correct this may result in the receipt of unnecessary correspondence regarding your tax affairs.
EFPG anticipates that every provider of financial services will request the same information in the forthcoming months.
If you need any assistance in completing this form feel free to contact us or come to our office in Irish Town.