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Education drives UK IFP profit

The UK Institute of Financial Planning recorded a surplus of more than £60,000 off the back of new mandatory education standards in the advice industry.

The numbers follow a £22,000 profit achieved by the UK Financial Planning Standards Board (FPSB) – a body under the auspices of the IFP which has responsibility for awarding qualifications.

Income from education and qualification fees doubled in 2012 – from £163,000 in 2011 to £317,000 – since the introduction of new minimum education standards in the profession as engendered by the FOFA-like Retail Distribution Review.

At the same time, IFP salaries rose by 5 per cent in 2012, at a total cost of £772,000.