The Financial Ombudsman Service has written to the Financial Services Authority (FSA) about the wider implications of mortgage payment protection.

The ombudsman has stated that it continues to receive a large number of complaints about mortgage payment protection and as a lot of these complaints are being upheld, there is a suggestion that there are still problems with this type of policy.

Anyone contemplating taking out this type of insurance would be well advised to obtain independent financial advice beforehand and get their personal finances thoroughly reviewed.

Do not simply take a policy out without fully understanding the cover afforded policy and policy conditions.

That is not to say these policies are of little use – they are indeed useful tools when forming part of an individual’s/families financial strategy.

If you have a credit card and are thinking of adding this cover to your agreement, you will probably save money by going to an independent for a quote, as credit card companies tend to be the most expensive source of this type of cover.

Due to the volume of complaints the FSA is receiving, they will consider whether associated complaints handling processes for Mortgage Payment Protection should be referred to the wider implications process at its board meeting at the end of this month.

The issues likely to be considered include the whole customer complaint population and could even include enforcement action in some form.

The decision whether there are in fact wider implication issues is decided in collaboration between the Ombudsman Service, the FSA and/or the Office of Fair Trading (OFT).

They will agree whether:

o
• The issue is one with wider implications; and

o

• Whether the wider-implications process should be applied, and how.

Factors affecting their decision will be those such as:

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• Whether it is a new issue

o

• Whether it affect a large number of consumers or financial services companies regulated by the FSA and holding a standard Consumer Credit licence issued by the OFT

o

• Whether it affects the financial integrity of such large business;

o

• Whether it impacts on the interpretation of FSA rules or guidance from the FSA or OFT; or

o

• a common practice by businesses.
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Now that you have established your home based business, you need to consider some of the professionals that can be of a source of help in making your home based business a success. One of these sources of expertise is an accountant.

In choosing an accountant it is important for you to do a little homework before you make your decision.Your first consideration is whether you even need an accountant. So let us discuss some of the advantages that you will gain from an association with an accountant.

It is important for you as a new home based business owner to have control of your cash flow. You must have a daily and at least weekly knowledge of your income and expenses. You must set up a system of accounting for your income and expenses. This system will help you to plan for your future needs and also to have the advantage of future tax planning. Remember that the failure of many home based businesses can be attributed to a poor accounting system.

You may feel that you are capable of performing the book keeping and tax planning by yourself. If you feel that you need assistance in these areas, then investigate what a good accountant service can do for you. Among the services that an accountant can provide for you are tax planning, book keeping. designing an accounting system, and providing audit statements. They will also represent you for any tax appeals and prepare income tax returns.

To select an accountant, you might be comfortable with a referral from a friend or business associate. After you select a candidate, it is important that you interview him or her in person. During that interview, there are several items that need to be covered. Ask about his or her experience in tax preparation and whether he or she is current in the forever tax law changes. Inquire about his or her experience specifically with home based businesses. Ask about the fee structure. Find out if he or she is a CPA[certified public accountant} as this implies that he or she has passed the exams and accomplished the educational requirements for the licensing governmental agency.

Whether or not you hire an accountant, it is still important for you to be in control of your daily income and expenses. As Harry Truman said “The buck stops here”. you alone will be responsible for your success or failure.

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