IFA wants to increase charge on existing pension

westv

My IFA keeps offering me 2 weeks in his villa in the Bahamas with travel there in his private jet. 
I have to keep turning him down.

Bianchiintenso

westv said:

My IFA keeps offering me 2 weeks in his villa in the Bahamas with travel there in his private jet. 
I have to keep turning him down.

   ..

FIREDreamer

At 1%, the IFA should be referred to Arkell v Pressdram.

Sarahspangles

Y'all make it sound like The Old Boys Network, except you're paying.

kinger101

[Deleted User] said:

I paid for a short taxi journey with four IFAs - they all asked for a receipt.

Just the one each?  

kinger101

cfw1994 said:

wjr4 said:

IFAs rarely take people out to lunch now, I find the idea of that very outdated. If you don’t understand that you’re paying the annual fee for, question it.

It’s evening meal overnight in the Cotswolds for my pal….SJP still have cash to splash, it appears 🫣

And no corporate governance procedures it seems be we knew that already.

It will come back to haunt them.  

dunstonh

A few years ago I did some work helping an SJP-like organisation to help them understand the risks that they were running with their financial advisers.  Despite the contract being a personal one between the organisation and the individual FA, it turns out that some were trading as general partnerships with their spouse (two personal allowances, two deductions for phone / laptop / car).  Some were meeting clients in the US (two lots of travel deductions).  Their leads were provided by the SJP-like organisations but it seemed that quite a few thought it a good idea to pay a company (literally) owned by their mum, a large amount (e.g. £60k pa) for "marketing services".

You have pretty much described most small limited companies in all walks of life.

Albermarle

kinger101 said:

cfw1994 said:

wjr4 said:

IFAs rarely take people out to lunch now, I find the idea of that very outdated. If you don’t understand that you’re paying the annual fee for, question it.

It’s evening meal overnight in the Cotswolds for my pal….SJP still have cash to splash, it appears 🫣

And no corporate governance procedures it seems be we knew that already.

It will come back to haunt them.  

I do not think there is any issue in any business, if they choose to entertain clients .
In fact the tax system is quite benign on the subject. When I used to claim expenses, if I bought a meal for a colleague, I could not claim the VAT back. However is it was a meal related to business i.e. with a customer or supplier, then you can claim the VAT back ( or more correctly your employer can ) .

LHW99

You have pretty much described most small limited companies in all walks of life.

That is an unwarrented generalisation on small businesses IMO. It may be (though I hope not) commonly encountered in financial service situations, but it certainly isn't more general from my experience.

dunstonh

LHW99 said:

You have pretty much described most small limited companies in all walks of life.

That is an unwarrented generalisation on small businesses IMO. It may be (though I hope not) commonly encountered in financial service situations, but it certainly isn't more general from my experience.

Spouses and family members are extremely common in officer positions or roles "on paper" like cleaner or admin.

I see it frequently when doing AML checks on the company and beneficial owners.  Most common is just the spouse but often enough it includes the children and sometimes their spouses too.