Cann claims Cummings quit due to lack of Aifa direction
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Institute of Financial Planning chief executive Nick Cann says he believes Chris Cummings quit Aifa due to frustrations over the direction of the trade body.
Speaking to Money Marketing on board PIMS last week, Cann said Aifa lacked a consistent message. He said: “From my observations, Chris believed in things that were not aligned with what his board thought. When you take on a role like that you really think you can make a difference but you can only battle on for so long.
“There are no clear objectives about what Aifa is trying to do and you have to have a consistent message if you want the Government and regulators to back you. Aifa has had an inconsistent message on qualifications because its members want different things - some want QCF level six and others want level three.”
Cann said Aifa needs to refocus and narrow its core membership so it has a clear mandate.
He said: “This is a great time for Aifa to review what its future will look like and how most firms want to be represented. Aifa has to do some market consultancy to find out who its target members are. It also has to consider whether it is going to represent restricted advisers as well as IFAs because a lot of IFAs will move across to the restricted space.
“Aifa should look at its governance and think about appointing some non-executive directors to the board from outside of financial services that can challenge the body’s thinking.”
An Aifa spokesman says: “Chris and his directors have led the intermediary profession through some of its greatest challenges. He feels that now is the time to seek a new challenge. He leaves Aifa a better respected and more widely supported organisation. As Chris has said, Aifa has only achieved so much because of the strong support and wise guidance of the Aifa council and its members.”
Syndaxi Chartered Financial Planning managing director Robert Reid says: “If I were him, I would go as well. He has probably been offered a lot more money and a better remit.”
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