Q1 How do I complete the forms?
A1 Your firm's annual return will be available to complete at the end of November via the member firm dashboard.
Q2  Why do I need to complete and submit an annual return?
A2  It is extremely important that all Member Firms complete and submit all seven forms that make up their annual member firm return electronically. You are required under the IFA bye-laws to provide the IFA with information about your firm that enables the IFA to meet its obligations as an AML supervisory body.

What does the number in my firm return email refer to?


This is your Firm membership number which is different to the membership number you may be familiar with. Please enter your Firm number at the top of each form to let us know which Firm the data relates to. 

Q4 Can the annual return be completed and submitted in hard copy?

In exceptional circumstances the IFA will provide a hard copy.


Where can I find the IFA bye-laws, regulations, Money Laundering Regulations 2017 and Schedule 3 of the Money Laundering Regulations 2017? 


You can find them here:

IFA bye-laws and regulations 

Money Laundering Regulations 2017

Schedule 3 to the Money Laundering Regulations 2017 


What additional documentation will I need to submit with my return? 

A6 Depending on the structure of your firm you may be asked to attach further information e.g., details of your firm’s professional indemnity insurance details and your firm’s risk assessment (if you have one).

What is the minimum PII requirement?


If your firm’s gross fee income is less than £400,000, the required annual minimum limit of indemnity for each and every claim or in all is the greater of two and a half times your gross annual fee income or £100,000.


If your firm’s gross fee income is £400,000 or more, the required annual minimum limit of indemnity shall be £1,000,000 for any one claim or in all.


Read the Public Practice Regulations   

Q8 What is a connected entity?

A connected entity is a legal entity connected to your firm by virtue of a common partner, director or owner or where a partner, director or owner is closely connected with a spouse, parent and child. You only need to inform the IFA of trading entities that are in public practice or are trust or company service providers. If the entity does not provide any accountancy services or trust or company services or is dormant, you don't need to record the connect entity on the firm return.


What is a trading name? 

A9 Firms can use trading names that are registered with the IFA. A trading name, or business name is a name used by a company to perform its business activity under a name that differs from the registered, legal name of the company. Firms may choose to do this for advertising or marketing purposes. To avoid any confusion, we recommend firms make it clear in their communications that trading names are being used.