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IFAs put their trust in paper

IFAs are turning their backs on electronically created compliance documents and data storage systems in favour of paper files at a time when compliance burdens are set to increase.

Only 4 per cent of IFAs create their main compliance documents exclusively through an automated computer system, with only 2 per cent storing all their compliance documents electronically, according to a survey of 200 IFAs by Exchange FS.

The research also shows that 56 per cent of firms still hold all compliance documents in paper files.

The Exchange managing director Jim Gaskin says: “The fact that all records are held electronically makes it easier for internal compliance officers to audit an IFA&#39s activity and could lead to the end of compliance visits from the regulator as they will be able to access all the information they need remotely.”

Pearson Jones director Nick Conyers says: “I don&#39t think IFAs are using technology to its fullest effect. But IFAs should not be concerned at not holding paper files if they have confidence in the technology and back-up of their system.”

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