'NEWCOB will reduce IFA compliance costs'

Tony Woodward, partner at Bond Pearce, says although NEWCOB will create initial costs for IFAs, such as learning new terminology and updating compliance manuals, it will save costs in the long-term. He believes the flexibility and simplicity of the proposals will reduce costs, particularly after the first two months of the regime once initial training has been completed. For example, Woodward says client classifications will be more simple because people can more easily understand what a ‘retail’ client is than a ‘private’ client, and it is “sensible” to have the requirements for both...