I use the following example
Sole trader comes to us and wants some advice
We recommend they set up a limited company and employ their spouse in the business.
Both directors can establish as Small Self Administered Scheme which they do
They pay into the SSAS and one purchases a rental property and the other buys some US$ and invests in Gold
The only part of that whole process that is even remotely regulated is the transmission of the cash from the company bank account to the SSAS bank account.
Everything else in my view is an unregulated activity in the eyes of the Central Bank
The irony here is that if we try to self-regulate and impose the same standard as required by the CPC then technically the Central Bank can get shirty because it looks like we are "window dressing" to make the process appear regulated.
Maybe, the answer is to actually regulate everything.
At the very least the CBI needs to look at commissions again.
While we are on the topic, the imprudence of rental properties in pensions is set out here
At odds with much online financial advice, here are our reasons why we don’t recommend holding residential property in your pension.
Marc Westlake
Chartered Certified and European Financial Planner
www.globalwealth.ie