IFA and IVA

inmypocketnottheirs
inmypocketnottheirs Posts: 4,745 Forumite
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in Savings & investments
I just wondered if anyone would know, does an IVA affect whether an IFA can continue to trade?

Many thanks. :beer:
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)

Comments

  • dunstonh
    dunstonh Posts: 116,318 Forumite
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    As an employee or a company owner/partner or director?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • inmypocketnottheirs
    inmypocketnottheirs Posts: 4,745 Forumite
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    dunstonh wrote: »
    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)
  • jimjames
    jimjames Posts: 17,596 Forumite
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    edited 11 October 2012 at 10:05AM
    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.
  • JohnRo
    JohnRo Posts: 2,887 Forumite
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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.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • inmypocketnottheirs
    inmypocketnottheirs Posts: 4,745 Forumite
    First Post Photogenic First Anniversary Combo Breaker
    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
    jimjames Posts: 17,596 Forumite
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    inmypocketnottheirs wrote: »
    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.
  • inmypocketnottheirs
    inmypocketnottheirs Posts: 4,745 Forumite
    First Post Photogenic First Anniversary Combo Breaker
    edited 11 October 2012 at 6:23PM
    :j
    jimjames wrote: »
    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)
  • dunstonh
    dunstonh Posts: 116,318 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    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). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • bigmatt1174
    bigmatt1174 Posts: 100 Forumite
    jimjames wrote: »
    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! :rotfl:
    Used to be an advisor but no longer!

    Still qualified and active in the FS industry!!!
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