Transitional arrangements released for IFA firms in preparation for N2. Like other IFA firms we have received correspondence from the FSA titled 'Countdown to N2: Grandfathering'.
Firms need to be aware and plan for the actions necessary in order for a smooth transition (and to comply with the law!). The accompanying Grandfathering brochure answers the majority of questions but you should be on the look out for other documents. Firstly, during September you will be sent a Scope Of Permission Notice and a draft list of approved persons carrying out controlled functions within your firm. You have a duty to check these details and either agree or disagree with them by the end of October. Obviously, the sooner you deal with it, the sooner it will be out of the way.