IN PRAISE OF CHALLENGER BANKS

Getting de- banked is a major issue for IFAs in the UK. Our partner firm IFAC we see this as a recurring if not regular problem. No reasons are ever given. (AML or risk appetite. Engineering start ups have same issue – (arms dealers?) No one likes to talk about this experience publicly as it gives a poor impression. “smoke without fire etc” Banks do not even compete with IFAs any more. But they are wary of regulatory risk. Low risk is strangling small biz financial services in the UK.