The US is guilty of behaving like a bully in imposing unfair costs on UK investment managers and banks, which work with American clients, via its Foreign Account Tax Compliance Act, says Simon Culhane, Chartered FCSI and CEO of the Chartered Institute for Securities & Investment (CISI).

In the current edition of the CISI member magazine, Securities & Investment Review, Mr Culhane discusses the Foreign Account Tax Compliance Act (FATCA) legislation, the aim of which is to force non-US financial institutions to identify their US clients and report them to the Internal Revenue Service (IRS).