Multidisciplinary practices (MDPs) would benefit clients, according to 68% of finance directors surveyed for The Big Question.
Just 18% of 200 FDs polled by Accountancy Age and Reed Accountancy Personnel felt service would worsen if the rules were changed to allow the creation of one-stop professional service shops.
Fee-reduction would be the main benefit, according to David Bailey, FD at the RAF Benevolent Fund. One public transport company FD said: ‘A one-stop shop would improve communication between parties, speed up the process and, as a result, improve efficiency and reduce costs.’
A total of 14% were unsure whether MDPs would be a good thing. ‘Could internal politics affect advice given?’ mused Gary Brookes, FD of the Adullam Homes Housing Association.
Others were vehement in their condemnation of mixed practices. ‘It may appear beneficial in the short term, but over time it would reduce choice for clients, increase the possibility of conflicts of interests, and risk the devaluation of the two disciplines,’ said Rick McHattie, FD of KH Industries.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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