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Over-regulation seen as main threat to IFAs

Over-regulation, lower commission, multi-ties and polarisation are seen as the main threats to IFAs, according to new research by IFA Promotion.

Twenty-four per cent of IFAs said too much regulation was the biggest threat to them, 19 per cent said falling commission levels, 12 per cent listed multi-ties and 11 per cent said polarisation.

Compliance and the state of the economy are each seen as threats by 10 per cent.

The survey of 100 IFAs, chosen at random from IFAP&#39s database of 10,000, was aimed at gauging members&#39 views on industry issues and measure satisfaction with its service.

It found almost nine out of 10 IFAs said they are satisfied with IFAP&#39s efforts to promote the benefits of independent financial advice and 75 per cent think IFAP provides good value for money.

But 44 per cent wrongly believe IFAP is solely funded by IFAs when it is sponsored by product providers.

Fifty-one per cent of respondents said the top benefit of IFAP membership is the client referral service, one-third having received six or more referrals in the past year, of which 81 per cent resulted in actual business.

IFAP&#39s next initiative is to add a new search category to its consumer database from February allowing people to search for IFAs with qualifications above FPC3.

IFAP&#39s believes this move will encourage IFAs to continue their education.

Chief executive David Elms says: “Aifa was one of the first to see our research and its findings on threats to IFAs is an example of how we can assist them in getting industry concerns across to the Government and regulators.”

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