Is your entity a member firm?

According to the IFA bye-laws, a member firm is a sole practitioner, partnership, limited partnership or body corporate which is engaged in public practice where more than 50% of the rights to vote on all, or substantially all, matters of substance regarding the firm are held by Members. This includes:

  • a partnership engaged in public practice of which more than 50% of the rights to vote on all, or substantially all, matters of substance at meetings of the partnership are held by members; or
  • a limited liability partnership engaged in public practice of which more than 50% of the rights to vote on all, or substantially all, matters of substance at meetings of the partnership are held by members; or
  • any body corporate (other than a limited liability partnership) engaged in public practice of which:
    - 50% or more of the directors are members; and more than 50% of the nominal value of the voting shares is held by members; and
  • more than 50% of the aggregate in nominal value of the voting and non-voting shares are held by members.

The IFA Public Practice Regulations include guidance on what is meant by public practice.

IFA member firms are automatically subject to money laundering supervision by IFA (link to IFA supervision page).

If your firm does not meet the IFA’s definition of member firm, we may still be able to supervise your firm for anti-money laundering supervision. Please contact membership@ifa.org.uk for further information.