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Financial Adviser Letters

Financial Adviser Letters

This week...

Falling foul of IR35 rules

I have recently received a determination certificate from my client that has classified my contract as “inside” IR35 rules, even though neither the client nor their assessing agent has deigned to contact me to discuss the issue (‘Govt caves in to IR35 delay amid Covid-19 crisis’, Mar 18).

Furthermore, it is clear from the entire stance and tone of the assessment that it was biased from the outset, and indeed it is also clear that the assessor was most likely not even reviewing my contract, as statements they made were clearly incorrect. 

Having discussed this matter with colleagues I discover that they too have encountered the same issues with this client. 

I would be very interested to hear of any similar experiences contractors may have encountered when attempting to work in the rail industry.

Ian Skinner 

 

Discouraging the reckless

I refer to your article concerning the £381,000 charge on the Financial Services Compensation Scheme occasioned by Simon Webster’s pension transfer mis-selling via his old company of Facts & Figures Financial Planners Limited (‘FSCS pays £381k against adviser’s old firm’, Mar 16).

You report that Mr Webster is now a senior adviser with a new company. One hopes he has learned from his mistakes and I absolutely believe that most people, him included, deserve a second chance. 

Depriving a person of the ability to earn a living in the profession for which they have qualified is not a step to be taken lightly, and bans should only be used sparingly; for example, in response to deliberate criminality.

I do believe though that where an adviser has left the FSCS to pick up the pieces, they should be forced to make some personal recompense, perhaps via something like an attachment of earnings order. 

No doubt Mr Webster and other FSCS defaulters will earn a lot of money in the future. Forcing such people to pay an enhanced personal FSCS levy every year, in a similar way to that in which student loans are recouped, will reduce the burden on other contributors. 

Who knows, it might even help to discourage any future, potentially reckless, mis-selling? 

Neil Liversidge

West Riding Personal Financial Solutions

 

Nobody is buying

I am in the position where my contract finishes at the end of March and usually, within a week, I obtain another (‘Govt caves in to IR35 delay amid Covid-19 crisis’, Mar 18).

But with the uncertainty of both IR35 and coronavirus, companies are reluctant to employ. And the ability to claim allowances from the state is small in comparison.

I also have a self-employed wife who has a small shop where footfall has fallen drastically. It sells children’s clothes and is well stocked up, but nobody is buying.