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Survey shows just 10% of IFAs plan multi-ties

Only 10 per cent of IFAs plan to multi-tie some or all of their business while 68 per cent say they plan no changes after depolarisation at the end of the year, according to George Street Research.

The survey, conducted for Money Marketing, confirms that the majority of IFAs do not plan to give up independence.

The findings are similar to those revealed in the annual Money Marketing and One Account State of the IFA Nation survey in February which found that 77 per cent of IFAs would not consider multi-tying.

Following the publication of CP121 in January 2002 which included the defined-payment system for IFA remuneration, there were predictions about an exodus from the independent sector. But these forecasts were reversed in December when the FSA dropped the DP system in favour of Aifa&#39s menu-based option.

Best Advice director Paul Banfield says: “These findings are in line with what I gather from talking to other IFAs. Certainly, we believe strongly in staying independent and will fight to do so until the end.”

Aifa director of policy Fay Goddard says: “This is very encouraging news and not surprising since the FSA dropped its defined-payment system proposal. The menu makes it easier for more IFAs to stay independent.”

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