A UK professional body representing the financial services industry has accused the US of imposing 'unfair costs' for fund managers over its controversial new tax evasion rules.

In a press release, the Chartered Institute for Securities & Investments, which represents 40,000 members of the securities and investments industry, said: "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".