The compliance centre will give IFAs access to a range of compliance and support services with different cost structures to suit all IFA needs. The launch comes in response to the onset of depolarisation and regulatory changes which are expected to have a dramatic impact on the compliance requirements imposed upon intermediary businesses.
The first service available via the compliance centre is Support2, a new support and compliance service that is provided by Bankhall Investment Associates exclusively to The Exchange. The launch of Support2 forms part of the strategic alliance agreed between The Exchange and Bankhall at the end of 2002.
Support2 is designed specifically for directly regulated IFAs. It enables them to remain directly regulated and in control of their business whilst enhancing efficiency and productivity. IFAs can dramatically reduce their compliance costs and burden by utilising the highly trained Support2 compliance team, whatever their compliance needs. The team comprises 120 people, which includes 12 ex-regulators, 45 field-based staff and 8 staff solely dedicated to the compliance helpline.
In addition to the full compliance service Support2 gives IFAs access to product research, a suitability letter generator, a dedicated professional indemnity insurance package and enhanced commission rates.
IFAs signing up to the service will effectively receive it free for the first three months because they will not be charged the normal monthly fee. They will pay 3.5% of their commission but the enhanced commission rates available via Support2 will offset this charge. After this period they will pay 3.5% of their commission plus a monthly fee, which is dependent on turnover.
Shaun Godfrey, sales director at Bankhall Investment Associates, said:
“We believe increasing regulatory demands will significantly add to an IFA’s compliance burden and we are delighted to provide this support package to The Exchange’s directly regulated IFAs. Exweb is already integral to the business processes of many IFA companies and was the natural choice when looking to launch Support2 to the market.”
Sue Summers, managing director at The Exchange, comments:
“These arrangements demonstrate the benefits to our IFA customers of the strategic alliance we signed with Bankhall at the end of last year. The launch of the compliance centre forms part of our commitment to providing IFAs with the best support services available in the market and we plan to expand the range of services available later this year.”
