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Post Info TOPIC: ICB Supervision licence and Practice License Money Laundering
Ann-marie


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ICB Supervision licence and Practice License Money Laundering
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Hi,

I hope that someone would be able to help me out with this query..  I am currently studying with the ICB, gained a distinction in level I at the end of last year and I am currently awaiting my level II in computerised results which are due out by 4th Feb.

I am not yet practising as i was hoping to wait until I had my results from my level II so that I could apply for the practice license.  However,  I have been approached by someone who has asked me to complete some work for them. I asked the ICB if I could be supervised for Money Laundering before receiving my exam results and they have forwarded me a supervision license application form which I pay £60 for having the license.

I was interested to know what would happen once I have passed my level 2, I obviously want a practising licence but wondered if I would have to repay again for the practising license or can I upgrade from a supervision to practice?  and if so how much would this cost.

Finally,  what services am I able to cover with a supervision license and mainly more importantly is there anything that I must not do. Also how long should I expect to wait to receive my supervision licence?

Any suggestions or ideas would be greatly appreciated.

Thanks
Ann-marie


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Ann-marie Kelly

www.twitter.com/smartiesbooks
www.smartiesbookkeeping.co.uk
BackOfficeGroup


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Ann-marie

Sorry, I have no idea about the licence as I do not have one, but I'm sure someone will be along shortly....

There are many changes happening in ICB corridors so be prepared to take the manual exams too! I'm guessing that you do not have any kind of MLR registration - I was thinking of that from HMRC, and unless you are covered, you would not be allowed to take on any work of this nature, unless you work for someone who is....

P

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Ann-marie


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Hi there,

Thanks for your reply.

I actually contacted the ICB today to ask for there advise. They said that if I could wait until I receive my level II results then if i pass I can upgrade straight away to have a practicing license.

I'm going to take my manual exams as well - although I do agree with a lot of you on here that it's bad that the ICB are changing the rules for current qualified practising members. In one way they could potentially be putting people out of work if they are unable to get to a centre to take the exams - I guess we will just have to wait and see how all that pans out though.

So once I have my practising license from the ICB i'll be covered for money laundering and I've already got professional indemnity insurance - so I think that i am on the right tracks.

My results are due out on the 4th - so it's not too long to wait - I'm just keen to get started especially as I have interested clients that need things done. I'll just have to be patient and hold off til Feb and then hopefully it will be full steam ahead.

Ann-marie


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Ann-marie Kelly

www.twitter.com/smartiesbooks
www.smartiesbookkeeping.co.uk
BobHarper


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There's lots business planning and marketing work you can do in the meantime:

  • Corporate ID and Website
  • Building databases
  • 12 month marketing plan
  • Pay-Per-Click set-up and Search Engine Optimisation
  • Marketing collateral
Good luck


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Bob Harper
Crunchers - The fixed fee accounting franchise for bookkeepers and accountants
Ann-marie


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Horaay,

I've passed my computerised level II with distinction - I'm so chuffed - yay!!!!



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Ann-marie Kelly

www.twitter.com/smartiesbooks
www.smartiesbookkeeping.co.uk
Shamus


Forum Moderator & Expert

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Congratulations Ann-marie,

So, straight onto Trafalgar for your cheap PII now and then onto the ICB for that much deserved practicing certificate.

It comes through the post in no time but there's no need to wait for it as your money laundering is covered as soon as it's issued, not when it's received.

Just remains for me to say good luck now that your in business. Sure that you don't need it though.

All the best,

Shaun.



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Wella


Expert

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Well done Ann-Marie

To pick up on Shauns remark regarding Trafalgar PII insurance, a little tip.
Be realistic about your annual turnover on the form. My first year I was over optimistic about how much work I would get (aren't we all!). When I renewed this year, I got my head out of the clouds and entered a much lower amount (more realistic) and it reduced the premium by 2/3.

Bill

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Peasie


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I think it works in blocks of £5,000.
£10,001 - £15,000 is all the same price
£15,001 - £20,000 is all the same price etc

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BackOfficeGroup


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what level of PI have you guys gone for?

P

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Shamus


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Hi Phillip,

PII's set at £50,000 at the moment.

Shaun.

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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Wella


Expert

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The ICB stipulate £50000 minimum cover

I went for £20k turnover (maybe still a bit ambitious at the moment) but the premium reduced to a little over £80. Last year I think I said 25K+ turnover and it was £185.

You can enter different amount and recalculate to see how much difference it makes.

Bill

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Ann-marie


Senior Member

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Hi,

Thank you for all the messages and help - I'm so excited about it all, it's very exciting starting my own business and doing something that I enjoy doing as well which is great.

I've been in contact with the ICB and they are sending me through the application form for the practising license so I should hopefully have that my the end of the week. Been looking at PI insurance and I'm about to get that all sorted out after i've finished on here.

So then I'll be full steam ahead - well fingers crossed anyway :)

Ann-marie

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Ann-marie Kelly

www.twitter.com/smartiesbooks
www.smartiesbookkeeping.co.uk
BackOfficeGroup


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The minimum it is then, as and when.....

P

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