IFA Accounts to Companies House?

IFA Accounts to Companies House?

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We have a client that is an independent financial advisor, small limited company, regulated by the Financial Conduct Authority.

We want to confirm what type of accounts should be filed at Companies House, any additional disclosure requirements etc.  

Can anyone direct me to the place that will confirm this?

Thanks.

Replies (8)

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By johngroganjga
24th Sep 2015 11:56

When I last dealt with one of these the distinguishing feature was that they were not able to take any size exemptions, which included exemption from audit.

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By Euan MacLennan
24th Sep 2015 12:20

I agree with John

The exclusions from the small company regime are set out in s.384 CA 2006.

I doubt that your IFA company would be subject to the EU Financial Instruments Directive (MiFID) or deal with Collective investments in Transferable Securities (UCITS), but I suspect that it might well carry on "insurance market activity" and therefore, be excluded from the small company regime, including abbreviated accounts and exemption from audit.

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By MBK
24th Sep 2015 12:56

The vast majority ...

... of "standard" high street IFAs are no longer required to do anything different to any other small company.

But there's no substitute for finding out exactly what their authorisation is and working through the rules.

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By Mouse007
24th Sep 2015 13:04

Insurance market activity

 

means a regulated activity

relating to contracts of insurance

written at Lloyd's.

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By Xcast
24th Sep 2015 14:36

I have a similar client who...

advises me that to carry on insurance market activity (s384 CA 2006) you would have to be the insurer, accepting the premium for taking on the insured risk.

As an IFA, my client doesn't carry out that activity and merely acts as an intermediary and it would therefore appear that his Company would not be excluded from the Small Company regime.

Or am I missing something?

 

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By thatsnumberwang
28th Sep 2015 12:37

Check with the client what services he is providing

If he is a "bog standard" IFA ie providing intermediary advice on pensions, investments and mortgages, then there are no specific disclosures to be made.

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By Mr_awol
28th Sep 2015 13:05

The requirement for all 'bog standard; IFAs to have an audit is long outdated.

 

A few peculiarities remain in the preparation of the accounts but that's about it.  As said above, they are pretty much normal small companies now

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By thatsnumberwang
28th Sep 2015 13:38

IFAs do not require an audit unless they fall under the same requirements as any other small company.

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