UK - Financial services providers are ill-prepared for the move towards depolarisation, independent financial advisers warn.
A survey by Tillinghast Towers Perrin has found that only 17% of IFAs believe the large financial services firms are suitably prepared for the changes, which will regulate the way in which advisers promote and sell their products.
The research also showed 64% of IFAs believe companies are unclear about their own post-depolarisation strategy.
Similarly, a poll of 20 product providers showed just 35% felt they were adequately prepared for the new regime and not all large financial providers had communicated a clear plan to IFAs.
Tillinghast consultant Joanna Hall said there was no excuse for being ill-prepared.
She said: “In view of the Treasury’s price-cap announcement, financial services providers are now in the position where they have most of the requisite information to formulate clear strategy and subsequently communicate that to the market.
“There should be no excuses for communication failure on the part of financial services providers and deference to the status quo is no longer an option.”
Tillinghast said the battle for market position and share would be won by those providers which took a firm stance on the nature of business models adopted with their target audience.
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