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Small IFAs rate compliance as biggest burden

The training and compliance burden is a greater threat to small IFA firms

than multi-ties or cuts to commission, according to small London IFAs.

The research, by Equus Alliance, reveals that over 60 per cent of small

directly regulated IFAs consider training and compliance to be the major

threats to their businesses.

Less than 20 per cent of respondents consider that the end of polarisation

and introduction of multi-ties would be a greater threat.

The move away from paying indemnity commission was considered to be the highest risk to business by 21 per cent of respondents.

Over 70 per cent of all respondents deal with training and compliance

requirements in-house and 83 per cent say they are frustrated by the amount

of time spent on compliance matters.

Small IFAs want a more hands-on approach to compliance support facilities,

such as those offered by networks, according to the survey.

But they want the support to be localised and not simply to be provided


A hands-on approach to compliance support as opposed to an advisory role

was considered preferable by 100 per cent of respondents.

Equus Alliance managing director Dale Thornley says: “It is surprising

that most small directly regulated IFAs rate training and compliance as the

biggest threats to their business. I thought that the threat to indemnity

commission would rate higher.

“It is clear that small IFAs want more localised hands-on support with

training and compliance to alleviate their concerns.

“Small IFAs cannot afford to have their own training and competence

officers but they would prefer to deal with a locally based person they

know on this issue.”

The Equus Alliance is an alliance of small London IFAs. The survey

canvassed the views of 400 small directly-regulated IFAs based in the

London area.


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