Banks 'no threat' to IFAs - report

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UK bancassurers will not pose a threat to IFAs over the next five years, research published by consultant Datamonitor suggests.

Despite three years of growth into the distribution space, banks still play second fiddle to independent distributors, and few are putting any serious effort into taking market share especially in the area of life and pensions. Datamonitor estimates that share will remain almost unchanged by 2010, topping 18.5% by then. In 2001 the share was estimated at 12.5% - expected to be given a sharp boost by depolarisation. That has not really happened, the consultant says, while apart from the bancassurers, multi-tie advisers are estimated to have taken 2% of the IFA market. Banks continue to...

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