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Categories:Advisers

Tenet: Set aside differences and back a trade body

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Tenet says IFAs need to put aside some of their differences and show support for a single trade body if they are to have a united voice and lobby effectively.

At the Tenet conference in Windsor last week, distribution and development director Keith Richards said IFAs’ criticism of Aifa has stalled the trade body’s progress in lobbying over regulation.

He said: “The industry needs to put aside some of its differences and get behind a single body to lobby effectively with a single voice. When you look at the critics of Aifa, most of them are advisers so all the good work it does in getting in touch with Government and the FSA is unwound by its own membership.”

Although Richards has been touted as a potential successor for the director general position at Aifa following Stephen Gay’s resignation this month, he has ruled himself out of the running for the role.

He says: “I have long been an advocate and supporter of Aifa but the role of director general is not one I would be interested in applying for.

“The general membership will need to place its trust in the council regarding selection of a successor as we need to move forward.”

Jacksons Financial Services managing director Pete Matthew says: “Yes, advisers criticise Aifa but that is fully justified because they are paying members. It is an organisation that has been toothless for so long that advisers have grown tired of it.”

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Readers' comments (3)

  • "place its trust in the council"

    That is the fundamental problem. If the DG can't persuade you to fund AIFA in a fair and proportionate manner and IFAs can't see any benefit in paying AIFA to represent your own interests then you are clearly wasting your breath.

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  • There has to be SOME professional body making representations to the powers that be and though AIFA has been a bit toothless in the past, I think we have to recognise the heavily armed and armour-plated leviathan that it's trying to go up against.

    If the FSA can smugly brush aside even the TSC's calls for change or moderation, then what AIFA's trying to achieve is several times more difficult. The only reason that the FSA even entertains representations from the likes of AIFA is to maintain a facade of constructive engagement with the industry.

    By comparison, all the other little IFA associations trying to get their voices heard are just terriers yapping at the FSA's back door.

    Yes, AIFA currently is adrift without a captain on the bridge and Steve Gay has undoubtledly let the side down by jumping ship after just 12 months, but for now I think it's our best and only realistic hope.

    If anyone else has a better proposal, here is your chance to publicise it.

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  • Is there a better alternative to AIFA?

    By comparison, all the other bodies trying to represent the interests of the IFA community are just terriers yapping at the FSA's back door.

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