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.
£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards