I think the point here should be, is it good for clients? Vertical integration is not something you find when googling tractors, rather the ownership of the means of distribution by a manufacturer. In our business, that’s investment and insurance companies having their own salesmen, rather than trying to persuade we independent advisers that they’re better than others. That’s how it was 30 years ago, in the heyday of the Allied Dunbars and Abbey Lifes. Until now, St James Place has been about the last salesforce standing and making profits that its competitors must envy. So more will return to a business model which they abandoned some 20 years ago. And, in the words of Elton and Simba, the circle of life will revolve.
A firm with whom we work did advise British Steel workers, was as a result given a thorough going-over and thankfully a clean bill of health by the regulator. Then the FCA were themselves given a thorough going-over by MPs and in the press, over their inaction while the bad advice that was given was being given.