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IFA and IVA
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# 1
inmypocketnottheirs
Old 10-10-2012, 10:28 PM
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Default IFA and IVA

I just wondered if anyone would know, does an IVA affect whether an IFA can continue to trade?

Many thanks.
Don't lie, thieve, cheat or steal. The Government do not like the competition.
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# 2
dunstonh
Old 10-10-2012, 11:13 PM
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As an employee or a company owner/partner or director?
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 3
inmypocketnottheirs
Old 11-10-2012, 6:37 AM
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Quote:
Originally Posted by dunstonh View Post
As an employee or a company owner/partner or director?
In any capacity please.
Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
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# 4
jimjames
Old 11-10-2012, 8:47 AM
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I can't answer for the legal side but I would be extremely wary of using an IFA that isn't even able to manage their own money.
Remember the saying: if it looks too good to be true it almost certainly is.

Last edited by jimjames; 11-10-2012 at 10:05 AM.
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# 5
JohnRo
Old 11-10-2012, 9:26 AM
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Indeed, it hardly inspires confidence in the ability or integrity of said IFA to manage anyone else's money if he or she can't even manage their own.
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# 6
inmypocketnottheirs
Old 11-10-2012, 11:19 AM
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I am not using or intending to use an IFA in an IVA. I would like to know the legal position and if also the position of the FSA. Would the licence of the IFA be revoked?
Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
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# 7
jimjames
Old 11-10-2012, 5:22 PM
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Quote:
Originally Posted by inmypocketnottheirs View Post
I am not using or intending to use an IFA in an IVA. I would like to know the legal position and if also the position of the FSA. Would the licence of the IFA be revoked?
Why not contact the FSA directly rather than relying on the replies from a board? It would at least give you the definitive reply that you seem to need.
Remember the saying: if it looks too good to be true it almost certainly is.
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# 8
inmypocketnottheirs
Old 11-10-2012, 5:44 PM
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Quote:
Originally Posted by jimjames View Post
Why not contact the FSA directly rather than relying on the replies from a board? It would at least give you the definitive reply that you seem to need.
Very fair point Jim! I guess that in the past this board has been such a valuable source of information, I have come to rely on it!!
Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)

Last edited by inmypocketnottheirs; 11-10-2012 at 6:23 PM.
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# 9
dunstonh
Old 11-10-2012, 5:55 PM
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To be honest, I dont know what the actual FSA rules are. I know my compliance rules and what I do with employees and prospective employees but not actually what the FSA require. I seem to recall that it is left to the discretion of the principle if the adviser is an employee but getting owner/partner/director control functions as well as customer control function would be difficult (mainly due to solvency requirements).
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 10
bigmatt1174
Old 14-11-2012, 12:32 PM
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Quote:
Originally Posted by jimjames View Post
Why not contact the FSA directly rather than relying on the replies from a board? It would at least give you the definitive reply that you seem to need.
Sorry had to laugh - you used the words definitive reply and FSA in the same sentence!
Used to be an advisor but no longer!

Still qualified and active in the FS industry!!!
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