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December 2, 2020

IFA members granted approval for HNWI accounts

By Joe Pickard

The Institute of Financial Accountants (IFA) has been recognised by the UK’s Financial Conduct Authority’s (FCA) specified list of bodies that can approve accounts for High Net Worth individuals (HNWIs). The approval means members of the IFA are recognised by the FCA to provide statements on an individual’s income or assets.

As part of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, credit and hire agreements, High Net Worth individuals are generally exempt from regulation, subject to certain conditions. One of these conditions is that a statement of the individual’s income or assets must be made and signed in accordance with FCA rules.

These rules state that the statement must be signed by the lender or by an accountant who is a member of any of the bodies listed in the FCA Consumer Credit Sourcebook. The IFA was not previously listed and after submitting an application to the FCA, a public consultation was held, resulting in the IFA being added to the approved list.

IFA CEO John Edwards said: “We are delighted to have secured this recognition of our members. The FCA rules and regulations are naturally very stringent and this approval highlights the calibre and integrity of the members that we have on board. It also means that members can provide an additional service to their High Net Worth clients and are in a better position to support them. It’s great to see the Institute of Financial Accountants on the FCA approved list too, alongside many very reputable organisations.”

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