The Institute of Financial Planning (IFP) recorded a pre-tax surplus of more than £60,000 in 2012, thanks in part to a £22,000 profit achieved by FPSB UK, its qualifications awarding body launched at the beginning of last year.
The figure, which also comprised pre-tax profits of some £39,000 posted by the IFP, was up 8% on the previous year. Income from education and qualification fees almost doubled, from some £163,000 in 2011 to £317,000 last year, as advisers put together their final preparations for new rules set out following the Retail Distribution Review. The launch of FPSB UK on 1 January 2012 as an Ofqual awarding body allowed the IFP to formalise its certified financial planner programme at QCF Level 6 and its Certificate in Paraplanning, which launched in 2010, at Level 4. Salaries cost the not...
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