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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 10102
Experience:  30 years as a practising solicitor.
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I was a mortgage broker directly authorised with the FSA at

Customer Question

I was a mortgage broker directly authorised with the FSA at the time and was deauthorised in December 2010. When I initially set up the company i was advised by the accountant to do as a partnership with my mother as my partner in the business as this would give me better tax breaks, therefore she was registered as a partner with the FSA and also companies house etc. She has never had anything to do with the business, never put a penny in and has always had £0 earn't on her tax return so 100% I was running the business. The partnership was not limited liability as I was not advised of this at the time and being slightly wet behind the ears thought my indemnity cover at the time of trading was there for any future complaints etc, ie it covered the year the business was written rather than the complaint date. I have had one complaint previously which went through the ombudsman and they judged in my favor and rightfully so as. Is there anyway I can protect my mother from any future claims from now, as the company no longer exists from 2010 and I have not traded since then, as it seems unfair to me that someone can claim so long in the future and she could be liable when she had nothing to do with in the first place?
Submitted: 9 months ago.
Category: Law
Expert:  Nicola-mod replied 9 months ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 9 months ago.
Nicola, i'm ok with waiting longer so please keep me updated.Many thanks,
Expert:  Nicola-mod replied 9 months ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  JGM replied 9 months ago.
Thank you for your question. Your indemnity insurers should be able to offer you what is called run off insurance cover for a single premium which covers future claims made after the business stops trading. That is how most professionals deal with the problem you have identified.
Customer: replied 9 months ago.
I already know this and unfortunately this i cannot do as this needs to be in place from when you close the business, so this is not helpful to me.

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