Are thre any restrictions on acting for an IFA

Are thre any restrictions on acting for an IFA

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I've been approached by an IFA. Do I need a designated professional body licence to act for them?

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By mumpin
28th Sep 2011 15:34

IFA accounts

I think it depends whether or not he holds Clients' funds.

If he does then he needs an audit.

If he doesn't then its up to him to ensure that you are able to provide him with the services he needs. If he's happy that you hold a pukka Practicing Cert. then its OK.

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John Toon
By John Toon
28th Sep 2011 15:41

Depends on the work you expect to do

A DPB licence is required to provide advice in restricted areas of investment business that would normally require registering with the FSA. This includes areas such as advising on share valuations or if you intend to sit in and provide joint advice with an IFA.

Assuming you won't be doing this and will be providing compliance services to the IFA or his business, ie tax, accounts, audit etc then a licence isn't require.

The ICAEW have a really useful section on DPB licence requirements. Just google DPB and you'll find it.

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