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The financial affairs of wealthy client families are frequently subject to intense scrutiny from tax authorities. The information which must now be reported by financial institutions of all types, including fiduciary services providers, and exchanged between jurisdictional tax authorities may trigger a request for further information, or even a full tax enquiry.

The rules that drive who is reported, and the financial information concerning deemed financial accounts attributed to them, are complex and frequently encompass individuals who have no right or entitlement to the assets to which those deemed accounts relate. Duplicative reporting in respect of the same individual and accounts, submitted by different financial institutions, is a frequent occurrence.

Our AEoI Consultancy Service provides a clear and easy to understand analysis of the reporting impacts of the FATCA and CRS regimes on a fiduciary structure.

This analysis details who will be reported, what will be reported about them, by whom, to which tax authority and when and encompasses all the entities which comprise a fiduciary structure, regardless of whether Stonehage Fleming administers those entities, or not. In addition we can, if required, extend such a review to include assets held in a personal capacity.

The major benefit of this analysis is that it provides certainty about, and advance notice of, the reporting flows and the content of that reporting. In turn this means, for example, that the necessary paperwork to respond to an enquiry from a tax authority, should one be forthcoming, can be gathered and collated well ahead of this being received.


We can assist private banks, asset managers, fiduciary service firms and independent trustees with the complexities of maintaining fully compliant arrangements with regard to their ongoing obligations in respect of the AEoI.



We will review the adequacy and effectiveness of the implementation of FATCA and CRS requirements. In particular we focus on the arrangements and approach to:

  • Entity classification
  • Identification of account holders and pre-existing due diligence
  • New account onboarding
  • Change of circumstance
  • Reporting

The outcome of the review is documented in a clear and concise report, which contains recommendations for correcting any deficiencies identified. If required we can assist with the implementation of any recommendations made, draft policies and procedures, as well as providing training to staff to the extent necessary.


Stonehage Fleming can prepare and submit FATCA and CRS reports to the respective tax authorities through our in-house reporting software solution hosted in Switzerland. This includes:

  • Provision of a standardised data input template
  • Generating the reports in the required XML format
  • If required, submission of the reports via the relevant jurisdictional tax authority portal
  • Confirmation of successful filing of the reports with tax authorities and provision of a full audit trail

For more information please contact our AEoI Consultancy team.

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Charlie Willcox

Director - Family Office

e. Charlie Willcox



The Role of Active Management in a Modern Portfolio

In short a passive fund seeks to replicate the relevant market index, rather than select individual stocks, so that the performance of the fund will be in line with that index, less any management or transaction costs, which are generally mall. It could be one of the main stock market indices, such as the S&P 500 for US or the FTSE 100 for UK companies, or one representing a smaller subset of the investment universe based on a particular sector or investment style.

To read more please download the Know How Bulletin


The World in 2043


With as much as £5 trillion expected to be passed down to the next generation in the UK alone, helping our clients successfully navigate the next 30 years is our primary focus. Our paper, The World in 2043, sets out to harness the collective wisdom of our network, clients, advisers and the team here at FF&P to aid us on that journey.

Our proprietary research comprised a survey, interviews and discussion events with 90 Ultra High Net Worths and advisers, collectively representing over £100 billion of net assets. The principal findings were:

  • 71% of respondents identified real capital preservation as their greatest challenge.
  • Six threats to wealth were consistently named: Lack of strategic planning, Fragmentation on inheritance, Excessive risk taking, Dispute and family breakdown, Inflation, Taxation
  • Family constitutions, trusts and family limited partnerships are increasingly essential to address many of these threats.
  • 46% of respondents chose 10 years plus as the most suitable investment horizon for wealthy families; a further 21% chose 30 years plus; SUMMARYand 69% named inflation as the most appropriate benchmark.
  • Despite many of our respondents anticipating a recurrence of a major financial crisis within the next decade, a significant majority selected equities, led by today’s emerging markets, as one of the few sources of real returns and the likely best performing asset class to 2043.
  • Cash and government bonds were nominated by a significant majority of our survey as likely to be among the worst performing asset classes over the next 30 years.
  • Two common themes from the survey were diversification and the search for growth in a low yield environment. In this context, real estate was considered the most suitable alternative asset class.
  • There was confidence in the Euro’s survival, 63% expecting it to endure beyond 2043, albeit with caveats; and 80% believe that the US Dollar will remain the global reserve currency in 30 years, notwithstanding the US’s anticipated loss of economic pre-eminence to China.
  • London is expected to remain a leading financial centre for wealthy families, with 93% of the sample believing that it will continue to be one of the top three globally in 2043.

We are extremely grateful to all contributors to this paper for the time and insight they have given us.

Download Report


Paul Weldon - Working with sports and entertainment clients

Paul Weldon, Director - Sports and Entertainment, discusses working with Sports and Entertainment Clients.


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Our approach is rooted in a deep and practical understanding of the family, its wealth and wider circumstances. We help families develop and implement their plans to pass on an enduring legacy.