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&#39Multi-ties will see IFA share fall to 20%&#39

Norwich Union chief executive Philip Scott believes that IFAs&#39 market share could slump to 20 per cent as up to two-thirds of current IFAs multi-tie if rules change.

In a presentation for Misys Financial Services to market analysts, Scott argued that although market share of what he calls “IFA-type” firms will expand to 65 per cent, making it the dominant form of distribution ahead of banks on 20 per cent, direct salesforces on 10 per cent and tied salesfor-ces on 5 per cent, many would be multi-tied advisers.

Scott says: “I don&#39t think the IFA customer would see much difference if the adviser chose to multi-tie with a number of providers he already does business with.” Scott believes two-thirds of IFAs would multi-tie and a third would stay as they are if polarisation was relaxed.

He said if there is a change to multi-ties, there will be more of a commercial relationship between distributors and providers.

He accused the traditional bancassurance model of not living up to their promise, arguing that IFAs are better able to adapt to regulatory changes.

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