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IFAP hotline adds up to £14m to IFA commission

IFA Promotion says it generated up to £14.5m of business for IFAs and at least £6m profit for product providers last year.

IFAP says its consumer hotline brought in between £8m and £14.5m of commission for IFAs in the year to September and a record 107,680 people contacted IFAP to get contacts details of three IFAs in their area.

The figures are contained in research carried out by actuary William M Mercer. A questionnaire was sent to a sample of 15,000 consumers three months after their call to IFAP&#39s hotline to see if they had visited an IFA. More than 45 per cent said they did.

IFAP says it hopes these figures show the value for product providers exceeds the £2.5m they contribute to fund IFAP each year.

Marketing director David Elms says: “These are big numbers and this is purely from the hotline and web activity. It does not include all our other work through press clubs or our press service. The whole contribution is far higher but we are really pleased to seen the hotline generate these figures.”

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