Hi, I don't think this is the right place to post this but I don't know where else to put it. Since my results have turned around I have interest from others wishing for me to trade their funds. I don't plan on considering this for at least another year or two but was wondering what the legalities are? I see Oanda provides a money manager service so what would be required to legally do this in the UK? Thanks in advance.
TheBramble
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Don't be a pussy, just jump in. If you have lots of people wanting you to trade their money you must be good.
Perhaps others on this site will contact you by PM and ask you to trade theirs too?
All you need is PhotoShop Pro (thanks for the upgrade advice Bunny) and a parents' bungalow (or similar) as an accommodation address to avoid the legal formalities (of having your own front door kicked down by angry and duped punters).
On a serious note, it's dead easy to get licences to trade other people's money and I think it requires just a token assessment of your personal suitability, a short multiple-choice questionnaire and a small fee to the FSA.
Perhaps others on this site will contact you by PM and ask you to trade theirs too?
All you need is PhotoShop Pro (thanks for the upgrade advice Bunny) and a parents' bungalow (or similar) as an accommodation address to avoid the legal formalities (of having your own front door kicked down by angry and duped punters).
On a serious note, it's dead easy to get licences to trade other people's money and I think it requires just a token assessment of your personal suitability, a short multiple-choice questionnaire and a small fee to the FSA.
Bramble - I always assumed it was much harder to become an investment manager but I've never checked.
If this licence isn't forthcoming from the FSA, what about simply taking private loans from third parties? This is a formal but simple process and makes the lenders just that, as opposed to investors placing funds on deposit. The agreement would be legally binding, with a declared annual rate of interest: I understand you can draw up your own agreement but a solicitor could draw one up for £40-£50. Assuming you won't have thousands of depositors, this could be a viable way forward.
If this licence isn't forthcoming from the FSA, what about simply taking private loans from third parties? This is a formal but simple process and makes the lenders just that, as opposed to investors placing funds on deposit. The agreement would be legally binding, with a declared annual rate of interest: I understand you can draw up your own agreement but a solicitor could draw one up for £40-£50. Assuming you won't have thousands of depositors, this could be a viable way forward.
the hare
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I'm also told by an old lag with experience in these matters that it helps if the individual transactions on the faked statements actually add up to the total balance. The odd punter has been known to check.
Its also reccommended that you remain sober when doing this type of work.
Oh yeah, and make sure that the account number contains the right amount of numbers and digits for a live account, rather than just grabbing details from a demo account as punters have been known to spot that too
