Sharp accounting is a core FCA requirement embedded in FCA rules under IPRU INV 13.1.4 and MIPRU 4.2.1 and could quickly become a scandal at any time.

IFA / MGI firms have some unique features, mainly that they don't need to invoice in the conventional sense, because providers and lenders generally pay what is requested in the application, rather than by separate invoice, and the credit risk is very low - almost no bad debt, and generally firms rely on a rather shaky exemption from VAT for broking - which is also liable for re-interpretation at any time.

IFAs / MGI firms need to sign up to Xero. If interested, please ask accounts@ifac.eu

IF YOU ALREADY HAVE XERO?

Then please add IFAC as a user, and we can file your Gabriel returns for you without contacting you, by simply logging into your xero account to access the data the FCA request. We'll confirm it with you, and then submit.

Fantastic new service with IFAC - and a massive time saver!

ADD IFAC AS A USER.....see below....so we can submit your Gabriel returns for you....