Setting up a new FSA Registered investment firm?

[mikeohr]

I'm in midst of setting up a new FSA registered small firm (just me for now) to be able to trade client's money from uk.

Has anyone done this recently, any tips to not waste time? Also should I set up as a sole trader?

Any help, comments or direction, welcome.

 

[everyonerich]

come to labuan, i'll rent you out an empty space in my office here.. lol

http://www.lofsa.gov.my/

 

[mikeohr]

hello everyonerich thanks for offer but really like trading in the UK timezone!

 

[TomTom]

£34K set up costs to get regestered and to get a compliance company to take your business.
Then there are other problems such as dudilegence and other systems that need to be implemented.
Best to stick with your own money, if you have any left ?

 

[singh2jatt]

Hi TomTom

are their anyways to get around this as i keep getting asked by my friends to look after their money.

 

[Technically Fundamental]

get them to open trading accounts and give the user and password?

 

[pickolo]

advise

I'm in midst of setting up a new FSA registered small firm (just me for now) to be able to trade client's money from uk.

Has anyone done this recently, any tips to not waste time? Also should I set up as a sole trader?

Any help, comments or direction, welcome.

Hi ,

I am quite late in reply but maybe still hepful?

I think you should check this http://www.bakertilly.co.uk/publications/personal-investment-companies.aspx

Let me know what do you think..

 

[Aston1st]

Hi ,

I am quite late in reply but maybe still hepful?

I think you should check this http://www.bakertilly.co.uk/publications/personal-investment-companies.aspx

Let me know what do you think..

Baker Tilly is an Accounting firm that in my experience, having worked with a company that had them as advisers, has business practices worse than a boiler room. The one lesson I learned about Baker Tilly was , not only were they prepared to take excessive charges, they were also prepared to see companies go bankrupt in order to sell those companies on to another client on their books if they failed to make those charges.

One small company I dealt with were paying them GBP 50,000 per month. When we showed them they need only pay GBP 8500 pm on a CVA. Baker Tilly, contacted their bank , who then told tell them unless they remained with Baker Tilly they would put that company into administration and have Baker Tilly sell their assets.

Only when we introduced a White Knight was catastrophe avoided.

I thought it was odd at the time, unless years later I meet with a Director who went through the same thing with them.

They were as bent hell would not touch them with a barge pole.

 

[pickolo]

okey

It's terrible what you say but unless you can verify your statement with something really solid I will remain reserved.
How can I know what you write is truth, here is quite easy to write anything , truth or not...

Maybe the same or similar experience I will read in one month on other forum about White Knight ..

 

[Aston1st]

It's terrible what you say but unless you can verify your statement with something really solid I will remain reserved.
How can I know what you write is truth, here is quite easy to write anything , truth or not...

Maybe the same or similar experience I will read in one month on other forum about White Knight ..

It's what I saw and know. If people want to extrapolate or throw Mud to cloud the facts that's their issue. Even more foolishly if they wish to subscribe to their services after reading this that's there business.

We can only go on what we know and what I know is I would not touch them with a Barge Pole based on what I saw at that meeting.