Renew your firm membership 2024
Renew your firm membership by paying your firm fees and completing the firm return via the firm dashboard by 1 January 2024.
Renew your firm membership
To renew your firm membership all you need to do is:
- Go to the login icon at the top-right corner of the screen.
- Log in to your firm dashboard by using your firm number and password.
- Review the information in the firm return and submit.
- Pay the annual firm fee.
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 team.
What the firm fee includes
The firm fees for 2024 are available on our website.
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 firm return.
- 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 BOOMs in the firms registered with us for AML supervision. The IFA passes 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 accountancy firm, you will need to submit a return for separate legal entity. Please contact the compliance team if you are not sure whether all your firms have supervision in place.
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 12.2 and 12.3.
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.
Further information on member firms, including benefits and obligations is available on the member firm page.
Contact the compliance team
If you have any questions or need any assistance, please contact the compliance team on 020 3567 5999 or [email protected].