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10/12/2008 - SimplyBiz Establishes Multi-Million Pound Capital Adequacy Fund

In a groundbreaking initiative SimplyBiz is to create a multi-million pound fund to help its member firms meet the RDR’s proposed new capital adequacy requirements. SimplyBiz Chairman, Ken Davy who six years ago pioneered the delivery of high quality, low cost support services has once again pledged financial backing to the sector.

Announcing the new facility Ken Davy said “We are confident that the great majority of the IFA firms we serve will have little difficulty meeting the new capital requirements. Nonetheless we want to completely remove any potential concerns over capital adequacy for our members and I am pleased to say we have the financial strength to do it. In essence we are going to set aside significant funds from the fees we receive for our core services over the next four years. This will build up a multi-million pound fund which will enable us to provide subordinated loans to members where circumstances make it appropriate.

This new service will be available to current clients and members of the SimplyBiz Group. We are also extending this groundbreaking facility to all new firms who join Simply Biz or Compliance First before the 6^th April next year”.

Turning to the RDR proposals Ken Davy added “We are not against the principle of increased capital requirements however we do have some concerns about the timescales and proportionality. We have therefore decided to take this positive action to solve the issue for the firms we serve. It also demonstrates our determination to support the IFA sector. We believe it is important for IFAs not to have to face these challenges alone. We will be doing all we can to support IFAs on every aspect of the RDR”.

Reinforcing this point Ian Thorneycroft, Managing Director of SimplyBiz commented “our services to the IFA community do not stop with compliance. We are always searching for new ways to help advisers become more successful, profitable and professional. This capital adequacy initiative along with the support for qualifications and training embodied in our highly successful New Model Business Academy are clear examples of the practical support available to IFA firms served by SimplyBiz”.

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10/12/2008 - SimplyBiz Establishes Multi-Million Pound Capital Adequacy Fund