Renew your firm membership

The deadline for submission of your annual member return and payment of your fees was 31 Decemeber 2020.   

In order to renew your firm supervision all you have to do is:

  1. Complete your firm return.
  2. Pay your firm fee via your firm dashboard

If you have any affiliates connected to your firm they will also need to complete their affiliate return via their affiliate dashboard. 

Accessing the firm dashboard

  1. Go to www.ifa.org.uk
  2. Find the login icon in the top right of the screen.
  3. Enter your firm number and password.
  4. Pay your firm fee or set up instalments on the Annual Payment page.
  5. Complete your annual firm return by clicking the Firm Return link, reviewing each page in turn and enetring the required information. 

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 compliance@ifa.org.uk  or telephone 020 3567 5999. 

What the firm fee includes 

The firm fees for 2020/2021 are available from the 12 October 2020.

Your firm fee includes the following:

  • AML supervision in accordance with the Money Laundering Regulations. 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 firm return. The 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. Affiliates are 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 compliance@ifa.org.uk or telephone 020 3567 5999 as we may not be supervising both firms and you may not be compliant with the Money Laundering Regulations. 

Firm annual return 

The firm annual return must be submitted by logging on to your firm dashboard on the website using your firm 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. 

We use the information in the firm return for monitoring your firm with compliance with the Money Laundering Regulations. This includes approving BOOMs and updating your firm’s details in HMRC’s Trust or Company Service providers (TCSPs) Register.

Help 

Our article Firm obligations: 7 top tips to help you complete your firm return highlights what to be aware of while completing your return. This short webinar and step-by-step instructions cover all aspects of your renewal requirements.

Further information on member firms, including benefits and obligations is available on the member firm page.

If you require any assistance you can contact the IFA compliance team by email at compliance@ifa.org.uk or via telephone on 020 3567 5999.