The group explained that with technology firms, such as Vertex and Capita, acquiring some of the software required for IFAs to perform their back office functions, quotations, research and mortgage sourcing in order to offer integrated solutions, there is a danger that decisions will be based more on politics than on the best interests of the IFAs they service.

Phil Young, partner at Threesixty, said: “There is certainly value in technology firms providing an integrated service to IFAs, but it is vital that they do not take a monolithic attitude to technology. IFAs prefer choice and want to mix and match the software which suits them best. Some of these software packages have provided real value for IFAs as stand-alone products for years, and this should not be sacrificed by placing commercial pressures on subscribers to standalone products.”

Young added: “Understandably they don’t react well to being told what to do; especially if it is not in the best interests of their own business. The IFA community needs to hold a consistent line that whilst we are all for integration, we will not have technology dictated to us.”