The prospect of depolarisation attracted another kick in the teeth today from disgruntled IFAs. Nine...
The prospect of depolarisation attracted another kick in the teeth today from disgruntled IFAs. Nine out of ten polled in Broker Express's most recent quarterly survey dismissed the likelihood that consumers will benefit should the current regime undergo the change.
Furthermore, if the FSA's proposals on depolarisation are accepted only one in seven IFAs said they would even consider multi-tying their business. More than a half of those surveyed believe depolarisation poses a threat to their business.
Single-outlet businesses, not part of marketing networks, voiced the strongest concern, with two thirds of them fearing the prospect of a depolarised world.
Only 15% of those surveyed accepted they would become multi-tied if the regulator's changes are implemented.
The survey was conducted by market research consultancy ORC International whose research director of financial services, Martin Grimwood, concluded: "It is clear that the majority of IFAs appear to want to remain independent. Only 15% of those we polled claimed that they would move to multi-tying which is far short of industry expectations."
Grimwood did note, however, while initial feedback from IFAs suggests they want to remain independent, 'it's very early days, and the industry as a whole has yet to fully understand the implications of de-polarisation'. Whilst this is a fair point, you begin to wonder how many more kicks depolarisation can take especially when they're aimed at its supposed raison d'être - consumer interest.
The Broker Express survey involved 225 companies including IFAs at partner or senior intermediary level and those working at major national firms, network members, single outlets, and regional multiples.
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What made financial headlines over the weekend?