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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.”


Who profits from with-profits?

Mr Jones invests £7,500 in a with-profits bond. Five years later, in 2003, it has a face value of £10,000 but an encashment value of only £7,500 – due to a 25 per cent MVR currently prevailing. This he can live with, for a while at least, as he was warned at the outset of […]

What are the long term aims?

Is it the first step to reducing volatility in UK economic cycles, a waste of taxpayers&#39 money on an academic exercise to prove something we already know or a project set up to give Gordon Brown another reason not to join the euro? These are just some of the reason that IFAs and the mortgage […]

Kenmir claims PI crisis will force out &#39bad IFAs&#39

The professional indemnity crisis will force “bad IFAs” to fold because they cannot get cover, making it easier for “good IFAs” to find affordable cover, according to FSA head of investment firms David Kenmir. He says in some ways this is a good thing because it will leave a stronger IFA sector which will increase […]

Framlington appoints new chief executive

Framlington has appointed Peter Chambers as chief executive.Chambers was previously chief investment officer at Gartmore. He replaces Mike Vogel, who resigned in January to set up an independent private client investment business.Lord Douro, Chairman says: “I am pleased to announce the Board&#39s decision to appoint Peter Chambers.  He will be joining Framlington as soon as […]


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