11th November 2009, 03:18 PM
I wouldn't have any problem with it at all as I suspect it would help the general situation.
However, I do have two queries (I should be putting these to the IfA directly but they don't have a online forum yet and I can't afford the time or money to attend any of their meetings):
How would it work for a sole trader who is a member of the IfA anyway? They are already effectively an RAO.
Will they change the RAO membership fee bands because at present an organisation that has a turnover of slightly over ?1.5 million pays the same as one that has a turnover of ?10 million, which seems a tad unfair given the quite distinct graduations in fees lower down the scale. In fact, the lower down the scale the more proportionally you pay as far as I can tell - about 0.2% of your turnover at the very bottom, and more like 0.1% at the very top!
Surely if the big boys are pushing for this to happen they should be paying for all the advantages they will get. These bands might have been worked out to take into account the reductions available based on numbers of individual members of staff (i.e. it is easier for a small company to get a reduction for having 50% of it staff in the IfA) but I'm not sure.
However, I do have two queries (I should be putting these to the IfA directly but they don't have a online forum yet and I can't afford the time or money to attend any of their meetings):
How would it work for a sole trader who is a member of the IfA anyway? They are already effectively an RAO.
Will they change the RAO membership fee bands because at present an organisation that has a turnover of slightly over ?1.5 million pays the same as one that has a turnover of ?10 million, which seems a tad unfair given the quite distinct graduations in fees lower down the scale. In fact, the lower down the scale the more proportionally you pay as far as I can tell - about 0.2% of your turnover at the very bottom, and more like 0.1% at the very top!
Surely if the big boys are pushing for this to happen they should be paying for all the advantages they will get. These bands might have been worked out to take into account the reductions available based on numbers of individual members of staff (i.e. it is easier for a small company to get a reduction for having 50% of it staff in the IfA) but I'm not sure.