Regulated Entities

The financial services industry is largely a complex and heavily regulated area. It is vital that you are aware of new rules and regulations and how they affect your business.

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Our profound understanding of the pitfalls and issues businesses in the financial services industry face means we can give practical, realistic, advice to help you thrive.

Mortgage Brokers

The rules governing financial advisers are in the midst of a significant shift and as specialists in advising finance professionals, we understand intimately the impact this new regulatory framework around VAT will have.

Now HMRC has clarified its position, we can help with detailed information about the significant role VAT will soon play in the business of every financial adviser and how best to manage this demanding new obligation.

The regulator announced all IFAs would have to hold capital worth at least three months of their annual fixed expenditure, with a minimum of £20,000. The requirements will be phased in so by December 2013, firms have to hold a minimum of one month’s fixed expenditure or £15,000.

By 31 December 2014 this goes up to two months’ worth or £15,000 and three months’ worth or £20,000 by the end of 2015.

Although the deadlines have been extended, this still represents a significant burden on smaller firms, the vast majority of which have fewer than five advisers. Careful planning will be needed and firms should now be considering what resources they need to have in place.

Mortgage brokers have had a particularly difficult time over the last few years with a saturated market, lack of competitive products on the market, increased regulatory scrutiny and ease of online resources. Being able to adapt and manage cash flows has been crucial in guiding firms through these challenging times.

Firms must strive to outperform the competition and need professional advisers who understand and can advise on innovative strategies to ensure strong performing products can be built whilst ensuring the appropriate regulatory frameworks are in place.

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What our clients say

I would have no hesitation in recommending Livingstones Accountants and I can assure you that you will not look back.

Jimmy Lagos,Arena Restaurant

Tax structuring and the retention of key performers are crucial in this highly competitive arena.

Insurance Intermediaries

The insurance brokering arena has become increasingly challenging in recent times, due to continued change in solvency and capital adequacy regimes, increased competition as a result of market consolidation and online price comparison sites, and the intense scrutiny over brokers’ handling of client money by the regulator.

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We have just started using Livingstones Accountants and we can immediately see the difference with the services provided by them and our previous accountants.We ...
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