Renew your member firm membership
Renew your membership by paying your member firm fees and completing the member firm return via the member firm dashboard by 1 January 2020.
How to pay your fees and complete your firm return
All you need to do is:
- Go to the login icon at the top-right corner of the screen.
- Log in to your member firm dashboard by using your member firm number.
- Enter your password.
- Pay the annual firm fee.
- Review the information in the firm return and submit.
Your login details have been sent to the key contact for the firm by email. If you do not have these please contact the compliance department on email@example.com or telephone 020 3567 5999.
What the firm fee includes
The firm fees for 2019/20 are available from the 21 October 2019.
Your member firm fee includes the following:
- AML Supervision in accordance with the Money Laundering Regulations 2017. This fee is calculated based on the number of Beneficial Owners, Officers and Managers (BOOMs) and the number of offices that you provided to the Institute when submitting your last member firm return. The member firm fee also includes 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.
- OPBAS levy The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) levies an annual charge on all professional body supervisors (which includes IFA), based on the number of beneficial owners, officers and managers in the firms registered with us for AML supervision. IFA is passing on this charge to the firms it supervises.
- Affiliate fees for non-IFA members who are directors, partners or LLP members in a firm regulated and supervised by the IFA.
If you operate more than one firm please contact the Compliance department on firstname.lastname@example.org or telephone 020 3567 5999 as we may not be supervising both firms and you may not be compliant with Money Laundering Regulations 2017.
Firm annual return
The firm annual return must be submitted by logging on to your firm dashboard on the IFA website using your firm member number and password.
Your firm’s annual return includes information on your firm’s details, structure and activities. Completing the firm return will enable the IFA to meet its regulatory and supervisory duties under the Money Laundering Regulations 2017 (MLR17, regulation 66) and IFA Bye-Laws 11.2 and 11.3.
It is important that you complete and submit the firm return as failure to do so could lead to regulatory and disciplinary action being taken against your firm. Please note that it is your responsibility to ensure that your firm’s return is submitted on time and that the information is complete and correct to the best of your knowledge and belief.
The IFA will use the information in the firm return for monitoring your firm with compliance with the Money Laundering Regulations 2017. This includes approving BOOMs and updating your firm’s details in HMRC’s Trust or Company Service providers (TCSPs) Register.
Our Firm obligations: 7 top tips to help you complete your firm return article highlights what to be aware of while completing your return as well as a short webinar on all aspects of your renewal requirements.
Further information on member firms, including benefits and obligations is available on the member firm page.
If you have any questions or need any assistance, please contact the compliance team om 020 3567 5999 or email@example.com.