The Exchange has teamed up with Bankhall Investment Associates to launch a new compliance support sy...
The Exchange has teamed up with Bankhall Investment Associates to launch a new compliance support system.
Main services offered is Support2 (Support squared) - which provides IFAs with tools to enhance productivity and efficiency but without handing over compliance responsibilities to another party.
Other services offered as part of the new services - all of which have different cost structures -include product research, a suitability letter generator, a dedicated professional indemnity insurance package and enhanced commission rates.
A team of 120 people is now dedicated to Support2, including 12 ex-regulators, 45 field-based staff and 8 staff solely dedicated to the compliance helpline.
Any IFA signing up to the service will receive it free for the first three months because they will pay 3.5% of their commission to the Exchange but the enhanced commission rates offered via Support2 will offset this charge. After this period they will pay 3.5% of their commission plus a monthly fee, which is dependent on turnover, says Shaun Godfrey, sales director at Bankhall Investment Associates.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till