Member firm and affiliate fees 2020
There is no application fee to become an IFA member firm or an affiliate though you will need to meet the appropriate definition for each.
If you are accepted as a member firm you will need to pay the appropriate annual member firm fee based on the number of BOOMs and offices your firm has, an OPBAS set-up fee per BOOM and an OPBAS annual fee per BOOM. A BOOM is defined as a Beneficial Owner, Officer or Manager.
If you are accepted as a member firm you will need to pay:
- the appropriate annual member firm fee based on the number of BOOMs and offices your firm has (a BOOM is defined as a Beneficial Owner, Officer or Manager);
- an OPBAS set-up fee per BOOM;
- an OPBAS annual fee per BOOM; and
- all affiliate fees where your firm has affiliates (an affiliate is a non-IFA member who is a director, partner or LLP member in a firm regulated and supervised by the IFA).
The member firm fee includes the fee for IFA AML supervision giving free access for you and up to three staff members to AMLCC, an anti-money laundering product which assists accountants and tax advisers with their anti-money laundering compliance.
Member firm fees
|Number of offices|
|Number of BOOMs||1||£224||£280||£336||£392||£448||£504|
The OPBAS set-up fee is £3.00 per BOOM.
The OPBAS annual fee of £3.00 per BOOM.
All fees are subject to VAT at 20%.
The affiliate annual fee is £80.00 from the date of application to 31 December 2020. It is not subject to VAT.