Chris Cummings quits Aifa
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Aifa director general Chris Cummings has quit the trade body to become the first chief executive of TheCityUK.
Cummings has been director general at Aifa since 2005 and has fought for the fair treatment of IFAs since then, successfully lobbying the FSA on a number of issues including reform of the FSCS and bringing down FSA fees for smaller advisers.
Prior to Aifa, Cummings held senior positions in business development, strategy and marketing at the Association of Mortgage Intermediaries, Sun Life of Canada and PricewaterhouseCoopers.
Aifa chairman John Gummer will chair an appointments committee, made up of members, to find a successor. He says: “On behalf of all the membership I would like to thank Chris for the contribution he has made to the whole intermediary profession. His skills in negotiation, representation and leadership have been a great asset to us all.
“Chris and his directors have led the intermediary profession through some of its greatest challenges. With increasing regulatory scrutiny, both domestically and from Europe, the role of a representative organisation has become ever more difficult but also ever more important. It is vital that the IFA and broker professions have a strong, united organisation that is ready and willing to stand up for intermediaries. That is and will continue to be our role.”
Cummings says: ““I would like to express my thanks to the Councils, staff and members for all the support they have given me over the past five years.
“Since the launch of Ami, mortgage brokers now have a strong and respected voice in both Westminster and Brussels. Aifa is now a better respected organisation and we have a higher membership than ever before.
“I am immensely proud of the work that Aifa, Ami and AFB do for members. From the ground breaking FFWD online business academy to the influential Manifesto for Advice, we have tried to ensure that intermediary firms are leading the way in levels of professionalism. We have also fought hard to ensure members receive a fair deal from regulators and policy makers.Our success shows what can be achieved when the intermediary profession speaks with one voice.”
TheCityUK is a new, independent membership body for promoting the UK-based financial and professional services industry. It has taken on the the functions of former body, the International Financial Services London.
Cummings will work closely with chairman Stuart Popham and its advisory council of financial services leaders, which is chaired by Sir Win Bischoff.
Cummings will take up the post in August and until that time John Ingamells will be acting chief executive.
The board has also appointed Sir Stephen Wright as special adviser, with a particular remit to focus on international aspects of the work streams underway at TheCityUK.
Popham says: “We are delighted to be appointing Chris as TheCityUK’s first chief executive. His financial services and marketing experience will be invaluable in promoting the industry internationally and across the UK.”
Cummings adds: “I am very excited to be joining TheCityUK. There is no doubt that TheCityUK has launched in an environment of unprecedented challenge for the financial services industry and I am looking forward to working with our members to reaffirm the partnership between society, government and the financial services industry.
“The UK has the world’s leading financial services industry, with over one million people employed in financial services the length and breadth of the country. The industry is a national asset which will play a vital role in a sustainable recovery and job creation.”
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Readers' comments (25)
Incompetent Regulators Awards Team | 16 Jun 2010 12:43 pm
Good riddens you did nothing for IFAs except pretend to the FSA you had our interest as your priority only to be used as a an IFA punchbag. You didn't fool anyone. God knows what mess you will make where you go as you knew nothing about products and distributions of them via the IFA market.
signed by IFA for over 30 years
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Bill Taylor | 16 Jun 2010 12:50 pm
Chris did a brilliant job for IFAs and is owed a huge debt of gratitude. He will be a hard act to follow.
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Illiterate Advisers Awards Team | 16 Jun 2010 12:52 pm
I RAT
Another IFA who has been around 30 years longer than he/she ought to have been.
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Peter Beaumont | 16 Jun 2010 1:03 pm
Why is it that when someone leaves an inappropriate and frankly unfair and ill informed comment that they never leave there name?
Anyone who kows Chris knows how hard he works and how passionate he is about the IFA community. People should recognise their successes. As the saying goes "not every post is winning post" but no one has tried harder than Chris and his talented team to improve the lot of the IFA community.He is a loss to Aifa.
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Richard Ross | 16 Jun 2010 1:06 pm
IRAT
Can't claim to know the man but he was all right wasn't he?
What did he do - run off with your wife?
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Robert Rice | 16 Jun 2010 1:08 pm
Hi Mr Incompetent - thought you'd be the first to respond!. There's obviously a vacancy at the top of AIFA now, and you clearly could do a better job. Are you going to apply, or are you simply going to continue moaning and whining on these boards?
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Julian Stevens | 16 Jun 2010 1:19 pm
As far as I can tell, Chris did his best within the limits of diplomacy to argue the IFA cause. It's all very well to say that he didn't achieve more, but a more aggressive approach might well have resulted in FSA simply slamming down the shutters and refusing to entertain any further negotiations. Look what happened to Evan Owen ~ an ardent capaigner for IFA rights, to be sure, but now, it seems, just a fringe commentator.
My only disappointment is that Chris Cummings seems to be jumping ship at exactly the time of greatest need for those whose interests he has represented. Obviously, his own interests are a higher priority ~ as seems to be the case with so many of the people at the FSA from whom he's been trying to win concessions. Was he really committed to the IFA cause, or was AIFA just a stepping stone to better and very probably even better paid things?
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Paul N | 16 Jun 2010 1:19 pm
Thanks, Chris and good luck.
Pity you couldn't stay on just as we were seeing some results.
Hope you are replaced by someone equally as capable of flying our flag.
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Pissed Off IFA | 16 Jun 2010 1:31 pm
I am afraid I agree with IRAT. Chris pretended he was the IFAs friend and from the comments made by correspondents, they certainly have been taken in. However, what did he achieve? He has obtained an even better job with more money. Does he know what it is like to be under the cosh? When it came it the bit, AIFA failed to help individual IFAs. Chris certainly enjoyed the wining and dining bit which seems to have been the focus for AIFA and the several annual dinners held each year.
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Danny Lovey | 16 Jun 2010 1:31 pm
Chris Cummings is a man of very high ability and integrity and has done an excellent job for the market in very difficult and trying circumstances.
I feel sure that he will be sorely missed by both AIFA & AMI and its members. Those who criticise should remember that organisations like AIFA/AMI have no power but try to influence those that do. So much work is done behind the scenes that cannot be made public, otherwise it would be impossible to influence if trust of confidentiality was breached.
I wish Chris the very best for his new mission. I cannot think of anyone better to take this new position. Not only does he have 'the markets' interests embedded in his heart, but a thoroughly nice guy as well.
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