IFAC arrange permissions for firms, and we can get your firm authorised with an application to the FCA within a week.
We have a experienced team doing this applications and we can guarantee you that after receiving ALL the information required, we will submit the application within three working days.
This is because we have a dedicated team and some sophisticated own software that will create the application for you and help us to submit it to the FCA.
IFAC are seeing an increasing number of firms failing to get their accounts properly approved or audited within the six week window provided by the FCA via Gabriel Returns.
BAT populates Gabriel for you
BAT do this direct from your new business and turnover books. It is a guaranteed solution to consistency and the only possible delay can therefore be in providing your business expenses - and that should not take you six weeks.
Your gabriel return is what BAT delivers.
It is usually faster for us to do it for you than answer questions about what should and should not be included. Some of the questions are interpreted differently by IFAs. But BAT delivers these all day, every day.
So to ensure consistency, we recommend BAT to do the returns for you.
IFAC offer PI solutions. Online application completion with data from BAT.
Using Bat you can log your new business and turnover records with that, the system allows you get the charts and KPIs that you need to complete and split your turnover for a PI form. This is all automated for you via the system.
Better still - we will source the PII for you.
We have extensive links with PII world, and can place tricky cases that have previously been refused.
We are not brokers and do not charge a commission. We are working for you in as your compliance manager, and this is what compliance managers do - sort PII out.
We sort the annual application, and manage the claims process.
Forgetting to notify a potential claim is the single biggest reason for IFA failure today. Even the mighty Burns Anderson fell on that sword. (Subsequently called Money Portal and finally Honister)
IFAC and PII - that's our business and it is central to yours.
You will achieve discounted rates of PII due to membership of our body. After all, question two on every application is the same. Who is your compliance support provider? Make it a brand name. Make it someone they are familiar with. Make it with us.
Our file checkers have a minimum of 10 year's industry experience to qualify.
Their experience should be compliance-based, but with some retail sales experience as well. IFAC lead the team and he specialises in compliance file checking as he professes to enjoy this activity. With the experience in file checking pre sale and post sale file checks; Our file checkers has been in financial services for over 20 years with Tenet Group and Bankhall as a file checker and with The Mortgage Processing Company. The lead of the team is DipPFS and level 4 qualified with MAQ, CF7, R01, ER1, R03, R04, R05, J05, J11, whereby using these skills has checked thousands of files over the years and feels that he sometimes knows the customer as well as the IFA after getting deeply involved in a case.
When checking files our team attempts to understand the client's situation and considers the big picture as well as the product being checked. We believe that the demands of the FCA make it imperative that the files are thorough, but that we also personalise the report and engage the client, and not simply protect our position with standard wording and warnings.
Discretionary Fund Management is the holy grail of financial services.
Once the money is there, it usually stays.
The path to DFM is one that all IFAs should endeavour to take.
After all, IFAs time and again are shown to be responsible for all the activities of all parties, as shown by scandals like AIG, Keydata, Arch Cru, not matter how big the fraud, the IFA takes responsibility for having directed the client there in the first place.
So it is a logical step to control that risk by actually carrying it out yourself. That way if the DFM goes bad, it was at least your own fault. Oh, and one other thing. If you do the DFM there is the small matter of a 1% charge per annum taken by industry, that is now your own.
Discretionary Fund Management & private wealth management
IFAC have experience as a DFM firm, from its long ties to Investments Ltd, which was part of the same group as IFAC namely the Standard Financial Group PLC, until purchased in 2014 by stock market listed Tavistock Financial PLC.
Our very own Ken Baksh, was our fund manager then, and is now part of the consultancy and used by several firms as a part time director - particularly helpful in getting firms set up in the early years, with experience to sign off as competent any qualified but inexperienced fund managers.
IFAC in conjuction with BAT offer a research tool called "Defaqto", is completely integrated with BAT and easy to use; You only need to fill the client factfind on BAT and complete the Defaqto filters to create a risk profile, then you can do research based on that profile.
Easy right? and you can create diferent risk-profiles for the same client too.
We have two excellent CVs in the north - Bolton and Leeds
One is a former IFA who went to Singapore and is now returned, with an AFPC from the 1990's. And the other is a lady with three years own practice with SJP with SPS but looking for more security / clients to deal with.
Let us know if you are interested and I will forward their details (subject to a fee of just 5% of first year's pay if you do employ them).