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Financial Adviser Letters

Financial Adviser Letters

This week.....

Regulation affecting clients

Your article on Mifid II was very interesting and is a subject that has personally caused me so much frustration over the past few months. (‘Signs Mifid II has damaged the advice sector’, Jan 30).

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I thoroughly love being able to advise clients and give them some information they never knew to reaffirm my standing as someone that can help provide a solution. I now spend my days writing reports that hardly anyone reads to justify my existence and my costs, which have never been an issue in more than 30 years of existing as an IFA.

My annoyance is that I no longer have the time to physically do my job of advising, meaning my very own clients are getting less of a service than they ever have been.

Does your car provider write to you every year to tell you how much it costs to keep it on your drive?

Common sense seems to have gone out of the window. 

I want my existence to be about looking after and advising my clients, not justifying my past 12 months’ existence. 

However, it is simply impossible to do both without paying for extra staff, which makes it even harder to justify.

Jack Stacey


No empathy from HMRC

Regarding the article ‘Warning sounded as loan charge victims asked to waive rights’ (Dec 4 2019). 

I am a 31-year-old male social worker. I moved to London from my hometown Gloucester four years ago after obtaining employment initially as a contractor. 

I was advised I had to use an umbrella company and they would act as my employer and thus pay me and handle all tax affairs, and I was paying them to do so. 

I had never heard of an umbrella company prior to commencement of this role and in my ignorance assumed all my tax affairs were in order.

I had no correspondence from HM Revenue & Customs to suggest at any time there were any irregularities with my tax. 

I was with the umbrella company for two years before going permanent with the company directly.

Fast forward to January 31 2020, I receive the loan charge letter from HMRC. 

I didn’t really understand it at the time, but having researched extensively since then, it has pretty much turned my world upside down.

Potentially, I am looking at two years’ worth of tax to pay back or a fight against the bully boys, which I stand almost no chance of winning.

I face the prospect of losing all my savings; worse still, being in debt. For context, my take home was actually still no better under the umbrella than now when I am permanent.

The company who is doing this has ceased trading and passed its customers onto a new company who, lo and behold, are trading out of the same premises.