Backstreet advisers may avoid disclosure

In an interview with Accountancy Age, John Cullinane said that the
government’s crackdown on City bonus schemes, in particular, had been effective
as far as mainstream advisers were concerned.

‘Five years ago, the perception was that City bonus planning was fair game
because everybody did it,’ Cullinane said.

But with mainstream advisers now shying away from the risks involved, some
boutiques may be involved and also avoiding disclosure rules.

‘There probably are some boutiques out there getting opinions from counsel
saying this or that is not disclosable. The test is not very clear, and requires
a lot of judgment. If people are determined not to disclose, they can probably
find some argument why not to,’ said Cullinane.

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