21st May 2014, 06:32 PM
Steven Wrote:Hi All
Hope this is on vaguely topic. Is anybody aware of IFA data on RAO's that employ people who have to claim a reduced members fee (i.e. they are paid less than the expected wage for their membership level)? I ask because I seem to remember that after removing the requirement on RAOs to pay IFA minima they said that this practice would trigger an RAO audit. So presumably they are monitoring it?
We should be very careful here. The IfA reduced rate is based on your TOTAL annual income. That doesn't mean that an employer you work for, for say 3 months or 6 months or even 9 months is paying less than the annual membership fee, only that your TOTAL earnings for the year are less than the IfA minima. If IfA say they are monitoring this, I am sure they are....and at the moment it is less than a year since the policy change....
With peace and consolation hath dismist, And calm of mind all passion spent...