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SimplyBiz acting prematurely on cap ad, says threesixty

Threesixty has labeled SimplyBiz’s plan to provide funds to help its members meet higher capital adequacy requirements “premature”.

Partner David Ingram says as the FSA is proposing restricting the use of subordinated loans, the plan won’t help IFAs in its current form.

But he adds: “It is an example of the resourcefulness of the IFA sector and I am sure this is just the first of many solutions that will be available, should it become necessary.”

Simply Biz marketing director Matthew Timmins says: “Whilst we have been quick to develop a solution to this problem by using our capital resources and future profit we do not believe that we have been premature.

“Our scheme has been set up to help as many of our members as possible and the final scheme rules will reflect this. It’s important now, more than ever, that groups like ourselves and threesixty do their best to act quickly and support the IFA sector. We are certainly doing our bit and we hope other groups follow.”

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