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IFAs reassured on client data

Fund supermarkets have assured IFAs that they will not use client data held on their systems to sell direct.

Standard Life marketing director John Taylor told the Money Marketing Wrap Round Table: “We are an IFA-focused business and are very reliant on their business.

“If we were to abuse an IFA’s client data, it would be commercial suicide.”

FundsNetwork executive director David Dalton-Brown said more than 80 per cent of parent company Fidelity’s business is sold through IFAs.

He said platforms do sometimes have to contact investors direct for legal reasons but should never look to cross-sell to them.

The comments follow concerns voice last month by Bankhall chief executive Peter Mann that advisers are taking a commercial risk by sharing client data with wrap providers.

Selestia marketing director Bill Vasilieff told the round table that most platforms have a guarantee not to use client data in their contracts with adviser firms.

Cofunds, as a business-to-business operation, has largely been able to steer clear of any concerns about the mis- use of client data. Director Stephen Mohan said: “Never mind issues around the Data Protection Act, if we wanted to stay alive in the years to come, there is no way we could be seen to be targeting advisers’ clients directly.”

Family Office IFA Sebastian Lyle says: “IFAs do not want to be disintermediated. You often hear advisers worried about the cheaper direct execution models. They do worry if their client data is being passed into the hands of providers. It is a concern.”



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