Financial One has been launched today to provide compliance support services to directly authorised advisers.
The service, created by the directors of Network Financial Ltd will have a limited membership with only 25 IFAs per compliance officer. The service costs £50 per week per registered adviser. It will operate from Cheltenham and is organised by Keith Wrightson.
Financial One also helps advisers organise direct debit banking facilities to help collect annual fees. Its sister company offers compliance advice at £500 per month for any IFA with a turnover of below £50k per annum.
Financial One managing director Charlie Llewellen Palmer says: “The costs charged by some other compliance providers is absolutely disgusting and we want to put some sense into compliance.”
Financial One managing director Keith Wrightson says: “Standards are much higher than a few years ago and IFAs are much better informed and with email and internet we are able to bring down the cost of compliance.”