View more on these topics

Smee says IFA numbers will not fall after depolarisation

Aifa director general Paul Smee is aiming to allay fears that the IFA market is diminishing and that the number of advisers in the sector will fall following depolarisation.

In a speech to the Insurance Institute of London on Wednesday, Smee said he believes that concerns that the number of advisers in the sector will decrease are completely unfounded, that successful businesses will continue to thrive after depolarisation and the total number of IFAs will stay steady over the next five years.

The Institute of Financial Services backs Smee&#39s prediction, saying that it has seen no decrease in the number of applications received from IFAs looking to be qualified to give mortgage advice. At the end of 2003, the IFS received 30,000 applications from advisers, the majority of which it says are IFAs, to take the bridge paper qualification needed to offer mortgage advice.

Durlacher analyst David Pannell forecasts the number of IFA firms, currently 3,910 firms according to the FSA, will decrease. But Pannell believes we could see an increase in the total number of registered individuals as mortgage and general insurance brokers are brought in to the regulated environment.

Simply Biz chairman Ken Davy says: “Suggestions that the IFA market could disappear are 18 months out of date. I am convinced that the adviser market will remain robust and small firms in particular will do especially well in the new environment.”

Smee says: “The polarised environment has enabled providers to keep the upper hand but after depolarisation the brand of independence will be of the highest value and the number of advisers will remain the same.”


Pledge plea on retro reviews

Concerned IFAs are calling for FSA chief executive John Tiner to reiterate the policy of no retrospective misselling reviews, outlined by his predecessor Howard Davies. WDS managing director Julian Stevens says Tiner should now make a formal and official statement to confirm that Davies&#39 view is still policy at the FSA. Stevens says although a […]

B&B IFA profits plummet

Bradford & Bingley&#39s preliminary results for the year ending December 31 show a 63 per cent drop in profits in its IFA division plummeting to £10.4m from £28m in 2002. Revenues of B&B&#39s IFA division – including Charcol, Charcol Holden Meehan, Charcol Aitchison & Colegrave and The MarketPlace – fell by 6 per cent to […]

General insurance network CETA signs up with six mortgage networks

General insurance network Central Electronic Tracking Agency has been appointed by six mortgage networks to provide a range of general insurance products to their members. The networks are First Mortgage Options, Genesis, Guaranteed Home Loans Network Services, Mortgage 2000, Optima and PMH Alliance.

Axa adding two multi funds to select Oeics

Axa Investment Managers is adding two multi-manager funds to its select Oeic range in a bid to capture investors with low or average risk profiles. The select active portfolio aims for capital growth over the medium to long term through exposure to a wide spread of geographical regions and asset types. It will have a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm