Comment: Aifa has struck the wrong note on passporting

Surely AIFA as a representative body of all IFA's should provide them with the information that they need to make an informed decision. If it is possible for a firm to provide perfectly legitimate advice to UK clients under a MIFID/IMD passport from an overseas regulator that is less anti-IFA than the FSA then this should be up to the client to decide.

I understand that full disclosure of your regulatory status is required under the various European acts and you must adhere to the regulations laid down by the regulator of the home nation.

Also, if it is acceptable for UK IFA's to give advice abroad under a UK passport, it makes sense that they should also be able to passport into the UK.

After all, choice seems to be what the current Government is all about. You will apparantly be able to choose your school, hospital etc, why not also chose a regulator that most suits the way you do business!!

For anyone who's taken the trouble to note the detail, commission isn't an issue, as CAR deductible from what's invested into the product will still be allowed and commission on protection business will continue, albeit not on indemnity terms (which we're better off without anyway).

For some older advisers, exams are an issue (mainly because most of their content is irrelevant to what we do) but the list of other reasons for choosing a non-UK regulatory authority is long indeed ~ no hindsight reviews, the protection of English Law by way of the Longstop, an escape from the FSA's never ending salvos of uncosted regulatory initiatives, no FOS, no FSCS, no FCEB, no one-off extra levies such as that for KeyData & PCS, no obscene bonuses for failure or monster pay offs for people such as Clive Briault and so on and so on. Stay if you want, but many of the rest of us just want to get the hell out.

They call the Republic of Ireland the Emerald Isle ~ hopefully the grass really will be greener over there. Reports from those who've already made the leap certainly indicate it to be so.

Oh for goodness sake Iain firstly remember which finger was in this pie - L&G.

Secondly it was an aside. When one writes a report it is a good idea to 'cover all the bases', it doen't mean that every dot and comma has to be followed.

It is legitimate to list it as an option. True it is hardly likely to be taken up by more than a very select few, so for goodness sake pipe down and stop blowing this out of proportion. I know news is scarce at this time of year and if you are that desperate I'll go and eat a hamster.

There are a number of EU banks looking at setting up 'branches' in the UK in order to bypass the excesses of the RDR and take advantage of the decimation of the IFA market.

What is the point of it all?

If a hedge fund or bank can relocate because of ..... then why not IFAs?

As others have said where does it say "kick me" on your business card.

It was interesting to note that one of the first offshore moves to avoid taxation was marmalade makers because of the sugar tax. In the end it was repealed.

(joke in there somewhere.)

I am about 1 more piece of red tape away from changing my career to a marmalade maker (offshore of course)

I cant understand all the fuss,if people want to passport for perfectly legitamate reasons be it tax of RDR then they should be free to do so without all the negative comment.

All we get in this industry is negative negative negative,Ive been weariung my tin hat for years but now Im starting to tire somewhat.

Maybe this forum should open some real debate as to both sides of the story,godd,bad and ugly then people can decide for themselves.

I for one am invstigating passporting because Im sick and tired of the various bodies continuosly building their empires at the expense of my business,a business which has grown every year even through the bad times.I still cant believe the FSA dished out bonus when they have failed in their duty time and time again,yet they cry poverty and increase our fees,they are no different to the bankers they do nothing but slate.

Lets open some constructive debate on passporting then people may start to take notice

Well done AIFA for opening this discussion and keep up the good work in relation to this topic.

S

Otherwise I may join the marmalade makers