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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Oct 2018Private banking has no place for bad advisersBy Eliot Hastie
- 17 Oct 2018CBA admits failure to tackle conflicted adviceBy James Mitchell
- 16 Oct 2018NAB to address advice issues in $314m payoutBy Eliot Hastie
- 16 Oct 2018Former BT exec joins mortgage and financial advice groupBy Reporter
- 16 Oct 2018ANZ under fire over ‘conflicted’ IOOF dealBy James Mitchell
- 16 Oct 2018Advisers should be early call in divorce casesBy Adrian Flores
- view all