INVESTMENTS & PENSIONS
What do you think the biggest change has been over 40 years ?
I have seen so many changes over the last 40 years in this industry , but for me the biggest changes have been things like the demise of the home service providers , technology , commission disclosure , pension reform-auto enrolment and Consumer Duty .
Home service providers helped generations of the population with some form of life insurance and savings plan in a way that I think was really positive for people . In terms of technology , obviously office computers , the internet and mobile phones did not exist when I first started in the industry and they are so ubiquitous now . They help , but can also sometimes hinder !
During my time as an IFA broker consultant , IFAs used to get paid commission which was paid from the plan ’ s charges . It was all smoke and mirrors and a lot of IFAs back then , unfortunately , used to do business with the providers who were paying them the most commission on a plan . Commission Disclosure was not welcomed by a lot of IFAs and I think putting an end to that is one of the biggest changes that has benefited the industry .
Then the other big changes have been things like pension atuo-enrolment , which should have come in years ago and , for me , has been one of the most positive changes , and , of course , Consumer Duty with us having to develop and implement the Consumer Duty rules .
And what hasn ’ t changed ? Regulatory bureaucracy ! You decided to set up on your own in 2019 , which wasn ’ t the best timing ! How has that been ?
Very challenging ! Brexit , Covid , recent global conflicts , volatile markets , high interest rates , and high inflation have made it a very challenging period for all IFAs . As a one-man band , I am really proud to have got through these difficult times and the business continues to grow and flourish
And how has SimplyBiz helped you during that time ?
SimplyBiz are the biggest compliance unit in the country . I was a member previously and I have remained with them because the service , guidance and help they provide in an ever-changing industry is second to none .
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JANUARY 2024 | 11