Regulation  

IFP qualifications income doubles in 2012

The Institute of Financial Planning doubled its income from education and qualification fees in 2012 to £317,353 from a total for this business area of £163,437 in 2011, as advisers rushed to complete exams in the lead up the Retail Distribution Review.

In its annual accounts for 2012, its first full year as an official accreditation body able to issue RDR statements of professional standing, the IFP made a turnover of a little more than £2m, compared to £1.8m in 2011.

The IFP recorded a combined pre-tax surplus of £60,828 for the year, up 8 per cent from 2011. The IFP said in its results this will allow it to steadily build up reserves in line with the audit committee’s requirements, based on “sensible business practice for a company of this size”.

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This figure was made up of pre-tax profit of £38,687, together with Financial Planning Standing Board UK contributing £22,142.

IFP’s expenditure list revealed that salaries in 2012 accounted for £771,858, up slightly from 2011’s £730,309.

There have been staff changes at the IFP recently due to chief executive Nick Cann recovering from a stroke. At the end of July, the IFP appointed Steve Gazzard, currently chief operating officer, to the position of interim chief executive with immediate effect.

Mr Cann suffered a stroke at the end of March and IFP said he is “spending some time away from his post while he recuperates”.