The concern is so great that the Small Practitioners Association has asked the ICAEW to clarify the position at its annual general meeting tomorrow.
Under the new regime, the institute will act as a designated professional body to oversee those firms that advise clients on investment business but are not registered directly with the FSA.
These firms have typically advised privately owned limited companies in the past without the need for authorisation but are now unclear which areas of advice fall under the new regime.
The SPA’s chairman, Peter Mitchell, has told his members to register with the institute to protect their position, a move that could cost small firms up to Pounds 200 a year. The institute’s Peter Burton will be asked at the meeting to clarify whether certain areas of advice are in or out of the new regulatory system.
The SPA has drawn up a dozen situations where it believes firms might fall foul of the regulators.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states