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IFA sector fastest-growing of all brokers

The IFA sector was the fastest-growing of all insurance brokers in

both 1999 and 2000, according to a report by professional services

firm Imas Consultants.

The Medium Size UK Broker and Intermediary Report, exclusive to Money

Marketing, also found that despite common perception of IFAs being

small operations servicing local businesses, increasingly, they are

professionals with wealthy and corporate clients.

IFA firms saw their average turnover increase to 35 per cent in 2000

from 19 per cent in the previous year.

The next fastest-growing sector was general insurance firms which

increased turnover to 26 per cent from 16 per cent.

Although completed before the polarisation consultation paper was

published three weeks ago, Imas predicts that there will be

aggressive take-over activity within the independent sector.

Imas says takeover activity in the past has been held back because

bigger IFAs and others have been afraid of buying smaller IFAs for

fear of inheriting pension misselling liabilities.

The report focused on brokers with incomes between £3m and

£10m dividing them into four categories – IFAs, general, UK

commercial and Lloyd&#39s insurers.

The survey says: “The high level of productivity reflects that the

financial services companies surveyed are not five-people operations

selling pensions to local shop keepers but are businesses with

corporate and high-net-worth clients.”


A knotty problem

With the publication of the FSA consultation paper 121, multi-tiesnow appear to be inevitable. Having associated themselves so publiclywith the concept, it is doubtful that the FSA will dramaticallychange its proposals now.Questions remain in many IFAs&#39 minds about what exactly is meant bythe multi-tied concept, given the noticeable lack of details in CP121.Prior to the […]

Equitable policyholders vote yes

Equitable Life policyholders have given their backing to the compromise scheme which caps its £2.6bn guaranteed annuity liability.98.1 per cent of those with Gar policies voted in favour, while 99.2 per cent of non-Gars also said yes.The successful vote clears the way for a £250m injection into the fund from Halifax, which owns Equitable&#39s operating […]

Equitable still to face legal action

Thousands of policyholders will pursue legal action against Equitable despite its compromise scheme being passed by members, says a law firm acting on their behalf.Class Law Solicitors says it welcomes the results of the vote as it stabilises the society but insists legal action will still begin next week on behalf of UK and international […]

Europe steps up tempo

One of the consequences of the raucous debate on the euro is thatother equally ambitious developments coming out of the European Unionare being overshadowed. For instance, as a step on the path toEuropean integration, the EU has set itself the bold and ambitioustarget of having a single market for financial services by 2005.The previous guiding […]

Mothers missing out on millions

By Steve Webb, director of policy and external communications The ninth Royal London Policy Paper discusses how thousands of mothers are missing out on state pension rights when they don’t have to Earlier this month we published the ninth Royal London Policy Paper, entitled ‘Mothers Missing out on Millions’. It focuses on the thousands of mothers […]


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