Having now retired, I wonder how to respond to professional clearance letters, given I am no longer a 'professional',
Would the wording change?
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When I retired I got one query which came via the client. I guess if I had any enquiries I would have supplied a trial balance and the last self assesment then said I was no longer trading.
If it's just a case of the wording, I'd use exactly the same as before retiring. I can't think of any circumstances that would require a change, and nobody is going to care in my opinion.. All that the new adviser cares about is getting the information to take up the appointment.
Surely you handed off, sold, or gave notice to, all your clients BEFORE retiring?
Ie you wouldn’t fully close down the practice until this had all been dealt with? Except for the odd straggler who was told about a year ago to find a new guy but hasn’t bothered, perhaps
Surely you handed off, sold, or gave notice to, all your clients BEFORE retiring?
Ie you wouldn’t fully close down the practice until this had all been dealt with? Except for the odd straggler who was told about a year ago to find a new guy but hasn’t bothered, perhaps
Still got about 20 of those. Waiting for them to realise that it's not too soon to appoint someone else.
It's not professional clearance, so you don't need to be a professional.
You just need to say that you know of no reason why the new fella should not accept the appointment.
It's been this way since I was a student over 40 years ago. Yet folk still talk about professional clearance as granting some sort of permission to the new accountant to act. You don't have that power. The taxpayer can appoint who he wants.
Does stopping trading really mean you are no longer (a) professional? (The responses all seem to take it for granted that you can still provide 'professional clearance'... +1 to that, btw.)
Raises the question, do you need runoff PI to cover anything you say after retiring? Or if not, does that mean you shouldn't respond because you have no PI should you say the wrong thing?
Raises the question, do you need runoff PI to cover anything you say after retiring? Or if not, does that mean you shouldn't respond because you have no PI should you say the wrong thing?
Aren't practitioners meant to keep PII going for a year or two after selling or retiring? I always thought so.
Any advice on that, Lion?
Run Off PI covers negligent acts that were undertaken prior to the run off date, but where the claim is made after the run off date. It essentially goes into "run off" to cover acts that have already happened where the exposure will gradually diminish as the years go by and older mistakes become time barred, eventually expiring when all potential claims have been extinguished.
It DOES NOT cover any negligent advice made after the policy goes into runoff.
Thanks Merseyside Mike, very useful.
And oddly enough I'm blastin' Merseybeat tunes through my headphones while reading your post. Yeah, yeah, yeah....YEAH!
Aren't practitioners meant to keep PII going for a year or two after selling or retiring? I always thought so.
Any advice on that, Lion?
I don't know whether it's mandatory but I'll be doing that anyway.