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‘Multi-tie firms will have to go whole of market for survival’

Ernst & Young insurance leader Shaun Crawford says any multi-tie organisations will have to seriously consider moving to a whole of market offering if their businesses are to survive.

He says any multi-ties considering flotation could suffer from the effects of the retail distribution review as their entire distribution model will need a rethink.

Crawford says: “It is quite clear that organisations such as Thinc, Intrinsic and Openwork will have to now be thinking about their overall strategy and introducing a whole of market offering.

“They will also have to review their platform propositions, simplifying the offering in order for less-qualified advisers to use them effectively. If the FSA goes ahead with this, and it looks as though it will, then multi-tied advice models will take a real kicking.”

Crawford says in order to meet the regulator’s proposed requirements, advisers must be diploma-qualified or equivalent and he suggests that many multitied advisers might have to undertake a long period of additional training to reach this level.

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