FCA recognises AAT licensed accountants in relation to High Net Worth individuals
PhilHallAAT
Registered, Moderator, Staff Posts: 79
Financial Conduct Authority (FCA) Handbook changes have been made to recognise AAT members from 29 March 2019.
Under articles 60H and 60Q of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, credit and hire agreements with High Net Worth individuals are generally exempt from regulation, subject to certain conditions. One of these conditions is that a statement of the individual’s income or assets must be made and signed in accordance with FCA rules.
These rules state that the statement must be signed by the lender or by an accountant who is a member of any of the bodies listed. AAT was not previously listed, we pressed the FCA to change this, a public consultation was held and AAT has now been added to the approved list.
Full details are available at 3.2 -3.9 here: https://www.fca.org.uk/publication/handbook/handbook-notice-64.pdf
Under articles 60H and 60Q of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, credit and hire agreements with High Net Worth individuals are generally exempt from regulation, subject to certain conditions. One of these conditions is that a statement of the individual’s income or assets must be made and signed in accordance with FCA rules.
These rules state that the statement must be signed by the lender or by an accountant who is a member of any of the bodies listed. AAT was not previously listed, we pressed the FCA to change this, a public consultation was held and AAT has now been added to the approved list.
Full details are available at 3.2 -3.9 here: https://www.fca.org.uk/publication/handbook/handbook-notice-64.pdf
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Comments
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Thanks for update. Probably worth putting this in the magazine as well so that student members (and normal members) see the benefits of AAT membership. If it wasn't for these forum posts I wouldn't have even realized all the really great work that AAT is actually doing behind the scenes.3
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For info, this will be covered in the next edition of AT Magazine (pages 58-59, September/October 2019 edition)1