The IFA supervises accountancy firms where more than 50% of the rights to vote on all, or substantially all, matters of substance are held by members. 

These firms are defined as “Member firms” in the IFA Bye-laws.  

The IFA has drafted a legal contract to enable the AML supervision of members whose firms do not meet the Member firm definition, but an IFA member is a person of significant control or a director or partner with over 26% of shares or voting rights.  

There is no additional charge for contracted firms.The contract simply allows the IFA to supervise firms that don’t meet the Member firm definition without these firms having to change their structure.  
 
Firms which have been identified as requiring a contract for their continued supervision were sent an email with instructions on 15 August. Any members who have any questions concerning the contract, should contactthe IFA’s compliance team at compliance@ifa.org.uk.