IFA firm MLP is offering an acquisition package for IFAs coming up to retirement which includes an expert complaints handling procedure.
The firm has employed the services of former FOS adjudicator Jane Saunders who will handle any complaints against IFAs once they have signed up to the package.
MLP says IFAs are facing an “ever increasing claims culture” as sky high professional indemnity premiums and the events surrounding pension, FSAVC, endowment and split caps have fuelled the rise of claims companies.
“This puts any IFA who is looking at his exit strategy at a greater risk from complaints after retirement,” MLP says.
It adds complaints and compensation claims are now accepted as being retrospective and IFAs will be responsible for the advice given for the duration of the plan term and possibly longer.
In order to help IFAs mitigate these risks, MLP’s acquisition package includes a contractual arrangement for terms of business which reduces potential compensation claims against advisers.
There is also a phased retirement option which allows advisers to continue to be registered to write business for a period of time and then retire at a chosen date or retire immediately.
For more details contact Paolo Standerwick on 0208 296 1799 or [email protected]
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