This was flagged up as something that the FSA have been looking at for a while and is good news. The exemption for Mortgage and General Insurance Brokers has been extended to include IFA practices.
For firms whose next year end is after 31 December 2006; whose turnover is under £5Mill and who do not hold client money or control client assets the FSA have dropped the need for audited accounts to be prepared. In addition, interim unverified profits are allowable towards capital requirements.
The FSA have also dropped the need for a copy of the audited accounts to be sent to them after 31 December 2006.
