Why London Capital & Finance will help FCA licence holders.

LCF is a game changer for firms with a licence.

A licence is a valuable thing, and it will shortly be in VERY limited supply.

An investigation into the City regulator’s handling of the London Capital & Finance scandal has been launched this week see here https://www.gov.uk/government/news/investigation-into-london-capital-finance-launched

A Judge has been appointed to lead the project, which will answer to the real boss of the FCA - HM Treasury.

IFAC felt the effect of the scandal within a week of the launch of an internal audit announcement. 

The focus of the enquiry will be on the authorisation process.  Why so? 

Because within eighteen months of authorisation the firm had scammed £237m out of over 11,500 people.

Never has your licence held so much value.

IFAC authorise over one hundred firms a year - including in consumer credit, and it has never been harder to join what we affectionally call "The Golf Club."

Brace yourselves!

Use Power of Attorney Guide to review policies and strategies

Office of Public Guardian has published a guide  that aims to help and others  understand what the law requires of them when dealing with powers of attorney. 

A sinister sounding group called the UK Regulators Network (UKRN) are wanting IFA/MGI firms to use the guide with customers who may need POA or somehow do not make their own decisions.

The guide helps firms to learn about deputy court orders and different types of power of attorney, including lasting powers of attorney and enduring powers of attorney.

It has been produced by the Office of the Public Guardian.

https://www.ukrn.org.uk/wp-content/uploads/2019/05/OPG18-UKRN-guidance-final-20190502.pdf

HMRC EMPLOYER QUESTIONNAIRES

IFAC have been informed that HMRC are sending out lengthy questionnaires to employers regarding how they operate payroll, check expenses, types of workers engaged, treat employment benefits etc.

The questionnaire appears to replace the old HMRC inspection, when a HM Revenue Officer would spend a day with a business reviewing their processes, interviewing and checking procedures.

The questionnaires have to be completed, however it is best to check with your accountant as failure to answer or putting in the wrong information will result in further action by HMRC.

“No news today!”

South African Broadcasting Corporation is famous for its radio station in the deeply conservative rural South Africa under the Apartheid Regime.  On occasion it would broadcast “there is no news today.”  Think of that when the radio news channels have you reaching to change channel – I mean how many times do you have to listen to the same story?

Imagine IFACs surprise to find the “no news today” item repeated by Thomson Reuters’s daily practical-law bulletins.  Refreshing or depressing?  Not sure.  This forms a source for IFAC member news.  Reuters’ bulletins collate information from official sources, to keep subscribers informed of what those who rule us are trying to do, with legal comment to help interpret.  No news today seems a fitting epitah for today’s empty horse government. May 2019

Feedback on BAT 

BAT, is a great system and we have embraced it totally for commission runs, compliance, fact find and your great suitability reports.

The guys In my Brockworth office are working completely on BAT, so far they have made 8 sales this week, having the whole sale process on BAT together with the telephone system it is quick and simple way to keep an eye on the whole operation.

Salvo 

WWW.BATSOFT.CO.UK