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Mifid effects exaggerated

Unsurprisingly, as a support provider, we take issue with Stanley Lovell’s somewhat scare-mongering statements in the article headlined, Support service firms will start to fade away, in Money marketing last week.

He has exaggerated the effects of Mifid, which will in any event affect only a small number of firms handling client money. Lovell also appears to have failed to understand how support providers operate.

Our clients, and those of the bulk of support providers, are free to run their own businesses simply using us as consultants in an advisory role. We provide support in product research but make no attempt to force client firms to use that research.

The evidence suggests that the network model is, in fact, the model most likely to disappear over the next few years, as many already have. Network members are voting with their feet and leaving organisations which impose an additional level of rules on them – often much more restrictive than anything which the regulator would dream of applying.

Independence is a valued status and firms are not likely to be giving it up in order to accept the restrictions imposed by networks and multi-ties.

David Ingram

Partner, threesixty services, Cheadle Hulme, Cheshire

Money Marketing Money MarketingJohn LappinJames PhillippsAndrea TryphonidesPaul McMillanSam ShawJames Salmon, Guy AnkerRavneet AhluwaliaMatt GoodburnPhilip ScottNicola YorkRoger PackerGary WestAlison JolleyAmanda NewmanAnna RuddockDevika CampbellGareth Tudman Julia O’Brien,Elaine O’GradyEmma Hashem,Rory Wilson,Chris Bond,Simon HadleyNita Patel,Amanda Shaw,Denton ZeemanJulia StuartLisa O’RourkeTim Potter,Sam StroudPatrick Ponsford

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