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IFAP could drop its not-for-profit status

Barrett
Barrett: Self-funding objective

IFA Promotion says it is changing its funding model to focus more on revenue generated through IFA advertising and may consider dropping its not-for-profit status.

IFAP chief executive Karen Barrett says more than 50 per cent of Unbiased.co.uk’s funding is generated through IFA advertising.

She says: “We are pursuing a strategy which steadily phases out our dependency on product provider sponsorship, replacing it with more representative and sustainable sources of funding.”

Barrett says if the organisation is able to double its overall income in the future, it will look to become a profit generating business.

She says: “We are currently not-for-profit, but one day that may change. If we grow our income 100 per cent across all of our income streams, we will look at changing how we operate.”

Barrett says IFAP has seen a surge in enquiries from organisations keen to use its Professional Connections referral service.

She says: “We are well progressed with a number of further initiatives to attract funding for IFAP and we are confident that our objective of becoming self-funding will be achieved.”

Churchill Investments director Chris Gilchrist says: “In a way, I think the market has moved on from when IFA Promotions started on a not-for-profit basis. I can see why they think it is sensible to consider changing this and I cannot say that I see anything wrong with it. Obviously, if the price of leads goes up, people are going to start complaining.”

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