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Fear of multi-tie migration

IFA Promotion considers the CP121 proposals will disadvantage consumers because they fail to distinguish between different sorts of authorised financial adviser and will result in some IFAs going multi-tied.

In its response to CP121, IFAP warns that the proposals contain no distinction between distributors advising on the whole market and multi-tied distributors.

It believes that multi-tie agreements will weaken firms&#39 ability to react to poor service or declining competitiveness.

It is also concerned that special terms agreed with a provider to ensure exclusivity could be passed on to consumers as higher costs.

IFAP does not oppose multi-ties in principle but says consumers currently served by IFAs will be seriously disadvantaged if a too rigid definition of independence results in a major migration from IFA status.

IFAP says it supports the capitalisation of the IFA sector by the abolition of the better than best rule and the permitting of bigger provider stakes in firms, as long as this is coupled with mandatory disclosure by providers of ownership or other controlling interests.


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