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According to the FSA, the new prudential rules for personal investment firms (PIFs) have been created “for the benefit of advisers, not to make things more difficult for them”.
The Association of IFAs (AIFA) says it is “absolutely vital” the FSA devises a fair method for firms calculating their Expenditure Based Requirement (EBR).
All personal investment firms (PIFs) will have to hold capital resources worth three months of their annual fixed expenditure (the EBR), the FSA confirmed today.
Other PIFs articles
The FSA is likely to bow to stakeholder pressure by dropping plans to force firms to hold three months' worth of fixed costs as part of its capital requirements for investment advisers, Professional Adviser understands.
Tax rates and regimes must be changed to reflect the different nature of property investment funds (PIFs) if these sorts of products are to have any chance of success, argues the IMA in its response to government consultations.
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