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  • FIRST POST
    • inmypocketnottheirs
    • By inmypocketnottheirs 10th Oct 12, 10:28 PM
    • 4,537Posts
    • 2,159Thanks
    inmypocketnottheirs
    IFA and IVA
    • #1
    • 10th Oct 12, 10:28 PM
    IFA and IVA 10th Oct 12 at 10:28 PM
    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.
    The Lord Giveth and the Government Taketh Away.
    I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
Page 1
    • dunstonh
    • By dunstonh 10th Oct 12, 11:13 PM
    • 82,944 Posts
    • 48,004 Thanks
    dunstonh
    • #2
    • 10th Oct 12, 11:13 PM
    • #2
    • 10th Oct 12, 11:13 PM
    As an employee or a company owner/partner or director?
    I am an Independent Financial Adviser (IFA). 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.
    • inmypocketnottheirs
    • By inmypocketnottheirs 11th Oct 12, 6:37 AM
    • 4,537 Posts
    • 2,159 Thanks
    inmypocketnottheirs
    • #3
    • 11th Oct 12, 6:37 AM
    • #3
    • 11th Oct 12, 6:37 AM
    As an employee or a company owner/partner or director?
    Originally posted by dunstonh
    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)
    • jimjames
    • By jimjames 11th Oct 12, 8:47 AM
    • 10,084 Posts
    • 8,100 Thanks
    jimjames
    • #4
    • 11th Oct 12, 8:47 AM
    • #4
    • 11th Oct 12, 8:47 AM
    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.
    Last edited by jimjames; 11-10-2012 at 10:05 AM.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • JohnRo
    • By JohnRo 11th Oct 12, 9:26 AM
    • 1,830 Posts
    • 1,479 Thanks
    JohnRo
    • #5
    • 11th Oct 12, 9:26 AM
    • #5
    • 11th Oct 12, 9:26 AM
    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.
    • inmypocketnottheirs
    • By inmypocketnottheirs 11th Oct 12, 11:19 AM
    • 4,537 Posts
    • 2,159 Thanks
    inmypocketnottheirs
    • #6
    • 11th Oct 12, 11:19 AM
    • #6
    • 11th Oct 12, 11:19 AM
    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)
    • jimjames
    • By jimjames 11th Oct 12, 5:22 PM
    • 10,084 Posts
    • 8,100 Thanks
    jimjames
    • #7
    • 11th Oct 12, 5:22 PM
    • #7
    • 11th Oct 12, 5:22 PM
    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?
    Originally posted by inmypocketnottheirs
    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.
    • inmypocketnottheirs
    • By inmypocketnottheirs 11th Oct 12, 5:44 PM
    • 4,537 Posts
    • 2,159 Thanks
    inmypocketnottheirs
    • #8
    • 11th Oct 12, 5:44 PM
    • #8
    • 11th Oct 12, 5:44 PM
    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.
    Originally posted by jimjames
    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!!
    Last edited by inmypocketnottheirs; 11-10-2012 at 6:23 PM.
    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)
    • dunstonh
    • By dunstonh 11th Oct 12, 5:55 PM
    • 82,944 Posts
    • 48,004 Thanks
    dunstonh
    • #9
    • 11th Oct 12, 5:55 PM
    • #9
    • 11th Oct 12, 5:55 PM
    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 an Independent Financial Adviser (IFA). 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.
  • bigmatt1174
    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.
    Originally posted by jimjames
    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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