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FSA’s survey finds all IFAs plan to stay independent

All of the small and medium-sized IFA firms surveyed by the FSA say they plan to stay independent.

FSA representative Jo Phillips said the regulator spoke to 40 small firms and 40 medium-sized firms and all of which said they would be remaining independent with the onset of depolarisation.

A couple of medium-sized firms say they would operate a multi-tie as a separate business with ex-direct salesforces as advisers.

Sixty per cent of banks are going to enter gap-filling arrangements through multi-tying. The FSA is pleased with this move as it says this is what is intended with depolarisation.

Speaking at a panel session about developing IFA relations, Phillips said there is a wait and see attitude in the industry, with many believing that if multi-tie does take off, it will be driven by Sesame and Bankhall.

Syndaxi Financial Planning director Robert Reid said fund of fund and manager of manager offerings have taken the edge off multi-tie a little as there is no longer the need to have four or five ties. Reid believes the only place that multi-tie will exist is in protection.

Phillips said: “Many firms are talking about taking the multi-tie route but none has drawn up a contract yet.”

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