Consideration for sole traders to register once
As the regulation currently stands, both the individual and the company have a legal obligation to register separately, with advisers operating under this structure needing to pay two registration fees.
The EGI committee says instead, sole traders should have to only register as individuals with the condition that the adviser notifies the Registrar of the company he/she operates through at the time of registration.
The paper says this is to ensure regulators have access to information on adviser firms, allowing effective identification for anti-money laundering purposes and to enable the public to search the Register for the company as well as for the name of the adviser.
Companies would also have to be a member of a dispute resolution scheme.
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