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andrewducker ([personal profile] andrewducker) wrote2012-01-05 11:00 am
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Interesting Links for 05-01-2012

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andrewducker: (Default)

[personal profile] andrewducker 2012-01-05 12:43 pm (UTC)(link)
Why would it be illegal? Pretty-much anyone can give advice about all sorts of things. If you're registered in certain ways, or a member of trade bodies, then you have rules and regulations about what you can say, but I'm fairly sure that I can offer my thoughts on most things to you. Some areas are more tightly regulated than others (so I can't offer you financial advice as a paid-for service, for instance), but an awful lot are open.

[identity profile] cartesiandaemon.livejournal.com 2012-01-05 12:51 pm (UTC)(link)
Well yeah, I agree, but I think I assumed (a) legal advice was one of the restricted areas (legally or practically) and (b) because immigration and visa stuff is something you might have to hire a lawyer for (even if you hope you don't just to go on holiday), it was still in that category. I still think that's a reasonable guess, but obviously things shouldn't be restricted unless its necessary, so if its not necessary I'm happy to find out I assumed wrong :)
andrewducker: (Default)

[personal profile] andrewducker 2012-01-05 12:56 pm (UTC)(link)
It is possible that they're going to have the bar association drop on their heads, but I hope not in this case.

[identity profile] atreic.livejournal.com 2012-01-05 02:03 pm (UTC)(link)
Surely this depends on the advice? I mean, I am not sure 'this is the form you need to print out and here is a printer and don't smile on your passport photo' counts as legel advice, exactly.

[identity profile] cartesiandaemon.livejournal.com 2012-01-05 03:32 pm (UTC)(link)
I mean, yeah, that makes sense. I didn't mean I thought it wasn't legal, I was just surprised because I hadn't really thought about it.

It's the thought of thing that trips a klaxon in my head that says "if I were doing this, I'd probably want to get some expert advice (or, ironically, at least some unofficial expert advice) to make sure it's ok, not because I know what the potential problems are, but because I DON'T know what the potential problems are -- likely there's nothing, but you should check becasue it may be a landmine if there's some restruction you're unaware you may be close to crossing". But fortunately, I'm not doing it, I'm just reading a news article about it, so it doesn't matter. Likely these guys DO know what they're doing, I just thought it was interesting.

[identity profile] philmophlegm.livejournal.com 2012-01-05 07:08 pm (UTC)(link)
"...so I can't offer you financial advice as a paid-for service, for instance"

Actually, I think you might be able to. Certainly anyone can set themselves up in business as an 'accountant'.

Ironically, I couldn't. Although I'm a Fellow of the Institute of Chartered Accountants in England and Wales, because I don't have a practising certificate, I can only work on behalf of someone who does.
andrewducker: (Default)

[personal profile] andrewducker 2012-01-05 07:20 pm (UTC)(link)
I was looking at the FSA website and they seem to indicate that they cover any business that offers financial advice. Is that wrong?

And why would I be able to do it, but you not? Does your fellowship prevent you?

[identity profile] philmophlegm.livejournal.com 2012-01-05 07:57 pm (UTC)(link)
Most activities that a single accountant might offer to an individual or a small firm fall outside of their remit since most of those activities (preparing tax returns or sets of accounts say) can be done by anyone who knows how to.

Generally speaking, the regulators for accountants are the Institutes (ICAS, ICAEW, ACCA etc) and the various pieces of the Financial Reporting Council.

I have to abide by the rules of the ICAEW as a member (well actually a fellow, but that's because I'm old) and one of those rules is that I cannot practise without a practising certificate. I have to abide by the rules of JOLF as an employee which means that even if I did have a practising certificate (and some senior managers in the firm do have them) I could still only work in that capacity for JOLF.

You are neither a member of an accounting institute or an employee of an accountancy firm, so if you want to set yourself up in business as an 'accountant' and prepare accounts and tax returns for clients, there is nothing to stop you. You can't call yourself a 'chartered accountant' because that would imply that you were a member of one of the relevant institutes. And there are some services that you wouldn't be able to provide to clients (statutory audits for example).
andrewducker: (Default)

[personal profile] andrewducker 2012-01-05 09:32 pm (UTC)(link)
Cheers, that's fascinating. It's what I originally assumed, but was then surprised to discover that there were certain things you can't do. It looks like it's actually there are some things you can't claim to be, and that if you are, you're restricted by.

[identity profile] cartesiandaemon.livejournal.com 2012-01-06 01:31 pm (UTC)(link)
Ooh, yay for someone who actually knows, thank you :)

I still assumed there's still some small number of excepions (legal? medical?) you can't do at all without a license[1], but I don't know if that covers only advice, and, well, I was wrong to be suspicious before (it looks like), so I'm probably still wrong now :)

[1] Even though I assume the "can't claim to be a chartered so-and-so but can give other advice" is more common, and "be able to sell anything you like as long as it's not fraudulent" to still be the usual case.

[identity profile] philmophlegm.livejournal.com 2012-01-06 04:46 pm (UTC)(link)
Yes, there are definitely services that you cannot perform without a license, but the term 'accountant' doesn't have the same protections in law as many other jobs. Consider this list of professions:
Solicitor
Dentist
Art therapist
Social worker
Architect
Accountant
Engineering technician
Biomedical scientist
Radiographer

All of those job titles are recognised in law in the UK and given legal protection - except 'accountant'.
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