Reeve sees decline of directly-authorised IFAs

The Aegon-owned firm says it has seen a "sharp upturn" in applications from DA advisers who are struggling under the weight of greater responsibility, higher costs and greater risk. Chief executive Jim Reeve adds the trend also "raises questions" over the role of third-party service providers that "won't accept liability for advice given by firms who use those services". "The appeal of being directly authorised - the supposed greater flexibility and lower costs - is evaporating fast," Reeve says. "Many DA advisers are wondering whether to continue shouldering a rapidly increasing burd...