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Whitechurch bids to aid IFAs switching networks

Whitechurch Network is calling on the industry to set up a clearing house to handle commission payments owed to IFAs when they move networks.

The network is calling on rivals and providers to collaborate in a thinktank to tackle delays faced by IFAs in getting commission paid through their old network when they move.

Whitechurch points to sev-ere inefficiencies in the current structure, where a network must provide a permission letter allowing an IFA to leave and a list of providers owing commission.

It claims networks will not issue this letter and list until late in the process so the new network cannot start contacting providers until well after an IFA has confirmed his decision to move.

Whitechurch says one of its members is still owed around £30,000 from a number of providers months after deciding to move. It says this places a burden on resources as it is forced to waste time chasing product providers for money and liaising with other networks.

Whitechurch says it would be better if there was one industry organisation to cut out the bureaucracy that makes it difficult for IFAs to be free to move between networks.

Managing director Ian McIver says: “It is an issue for the whole industry so networks and providers should get tog-ether in a thinktank to make it easier. One idea would be a type of clearing house which would centralise the administration and responsibility. We all gain and lose members but at the moment the process it too protracted.”


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