How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask JGM Your Own Question
JGM, Solicitor
Category: Law
Satisfied Customers: 12087
Experience:  30 years as a practising solicitor.
Type Your Law Question Here...
JGM is online now

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: 2 years ago.
Category: Law
Expert:  Nicola-mod replied 2 years ago.
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!
Customer: replied 2 years ago.
Nicola, i'm ok with waiting longer so please keep me updated.Many thanks,
Expert:  Nicola-mod replied 2 years ago.
We will continue to look for a Professional to assist you.
Thank you for your patience,
Expert:  JGM replied 2 years 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 2 years 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.