5th October 2010
IFA letter of the week - CCL renewal - 1310% increase
My CCL is not due for renewal until 4/2012. But this morning I was audit checking my licences and looked at their site. I could not believe the cost for renewal has increased to £480 for sole trader and £970 for a partnership!
Although I am the only adviser as a husband /wife partnership it would appear we will need to pay the higher amount at renewal. Within this fee is a FOS levy of £150. I'm sure my last fee was only £75! This increase of 1310% appears somewhat excessive!!
So I checked with the CCL office.
They told me that although we are a partnership we do not need a partnership licence as my partner is not giving any credit advice so sole trade licence will suffice. So only a 640% increase in my fee!
However, I was told this fee is for an indefinite licence so no further fees. So marginally I feel better as it only takes 30 odd years or 6.4 x five year renewals for me not to feel that IFA's are being ripped off by another government quango.
"So no further fees" that's good I said.
"Oh but there is going to be maintenance fee" says Mr CCL.
"Oh when's that then?" I ask?
"Every 5 years" Mr CCL replies
"And how much is it going to be?"
"Oh we've not decided yet."
I'm betting it will be around £75!
So although I'm a partnership I only need pay sole trader rates. And although there are no further fees there will be a maintenance cost every 5 years.
Oh well at least I've got 18 months left on this licence.
Jim Howard
email: jim.howard@kudosIFA.com
Comments (1)
When after the obviously massive amount of research that must have been done to check our eligibility, we received our CCCL 24 hours later, it turned out to be a scruffy print out on blank paper.
A grand well spent in keeping someone in a job for a couple of weeks!
Duncan Carter 07/10/2010 14:23
Not yet registered?
Please complete this form to join our community