Page 16 of the accounts reads…
“a net cost of £106.7 million (2015: £84.2 million) has been incurred to attract the £11.35 billion of gross new funds (2015: £9.24 billion).”

This loss is obviously not the advice fee paid separately to the product. No.  The £106m loss each year is paid from ongoing product charges of in force policies. The customer defacto doesn’t get to see this on their fee disclosure.  So that makes two fingers to the FCA. One for the RDR ban on commission and one to the inducements ban.  It is not in tune with a fee paying advice sector, but it is where we are. The trick is vertigal integration. And that for IFAs means Go DFM.  You can be like SJP too!  Subsidise losses in one part (sales side) with profit in another. That is the only way to make scaled advice-sales pay in an era of heavy regulatory costs. 

IFAC help with the fairly regular traffice of IFAs going DFM each year.   DFM builds value in your practice and will boost your sale value many times over.