Aifa launches strategic review to ensure it is fit for purpose
Share
Aifa is launching a strategic review of the trade body following the arrival of new director general Stephen Gay to ensure it is fit for purpose.
The former Aviva director of distribution development was announced as Chris Cummings’ successor in September and joined Aifa on December 1.
Gay’s first move has been to call for a wide-ranging review of the organisation, looking at Aifa’s purpose and its value to members. The process will see members and the Aifa council consulted on issues such as costs and who should constitute the Aifa membership.
In September Aifa said it would look at offering members a vote on whether it should allow restricted advisers to be part of the trade body, following former director general Chris Cummings’ view that such a decision should be made by members rather than the council.
The review is expected to take at least three months to complete and will include the Association of Mortgage Intermediaries and the Association of Finance Brokers.
Gay says with a new Government, a new regulator, an increasing European influence on regulation and in the run-up to the RDR, now is the right time to instigate this review.
He says: “I am here to take Aifa forward into a new regulatory and public policy environment. The organisation needs to be fit for purpose and this process will make sure that is the case.”
For a full interview with Stephen Gay see this week’s Money Marketing.
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
View results 10 per page | 20 per page
Readers' comments (13)
Nick | 8 Dec 2010 8:35 am
I'll save you the time and money Mr Gay - AIFA is NOT fit for purpose and hasn't been for many years!
Unsuitable or offensive? Report this comment
Roddy McKenzie | 8 Dec 2010 8:51 am
By conducting this review you are clearly stating it is NOT fit for purpose. The name says INDEPENDENT please get your head around that one, I know it is difficult for a former Aviva employee but please try. It will NOT be AIFA after that change it will be AFA. It might then be fit for purpose as no Independent Advisers will be members. Well done that man you have suceeded to wreck the association in your first month.
Perhaps you can also explain what you mean by change of government, regulator and EU influence in relation to this...I see no connection myself.
Unsuitable or offensive? Report this comment
Paul Nash | 8 Dec 2010 9:02 am
I resigned from AIFA several years ago, and believe I have been totally justified in not wasting any of my hard earned money, (or should I say fees)on this shower.
Their silence before, during and after the recent RDR Parliamentary Debate, has been absolutely deafening!
Unsuitable or offensive? Report this comment
Anonymous | 8 Dec 2010 9:07 am
This is like the FSA announcing that it intends to carry out a review of its own workings to determine whether it is fit for purpose. Foregone conclusion.
How many turkeys actually vote for Christmas ?
And I choose the turkey analogy deliberately.
Unsuitable or offensive? Report this comment
Marty Young | 8 Dec 2010 9:27 am
Too late Mr Gay. The organisation has lost so much credbility within the IFA community over the last 2 or 3 years, especially from its abandonment of the IFA cause to get some sense into the RDR. It took grass roots IFA's to "crudely" lobby their MP's, accordingto your predecessor (of which I am proud to say I am one of them) to make this happen. Strange how something so crude can lead to a debate amongst so many MP's and get them asking some seriously overdue questions to those draconian autocratic members of the FSA (who, according to the own admission have consulted the indusrty) who did not act on the evidence given to them. Pehaps it is now time for the TSC to put a halt to the RDR for now and call for full independent enquiry into the FSA (and its successor) to ensure they are fit for purpose. Some of the FSA do a setrling job in rooting out problems but the policy makers and decision makers need to be called to account for the decimation of a once superb indusrty. I dont think there are many IFAs (if any) who disagree with regulation, but for goodness sake make it sensible, proportionate and most of all cost effective. Then IFA's, providers and even the FSA can all get on and do what they are paid to do in a clear & affordable way. Wouldnt that be a pleasant change and a bit novel?
Unsuitable or offensive? Report this comment
Anonymous | 8 Dec 2010 9:39 am
I think we all saw this coming with the employment of a Life Insurance man. Aviva are not and never will be IFA friendly so how can someone who has spent his life there change. AIFA is dead
Unsuitable or offensive? Report this comment
Swanny | 8 Dec 2010 10:06 am
Looks like some others are worried about their jobs.
To late as far as I'm concerned.
They forgot who they were suppose to represent and got caught up in politics rather than issues that effect advisers directly.
Personally we need a whole new organisation run by advisers for advisers.
Unsuitable or offensive? Report this comment
Patrick Schan | 8 Dec 2010 10:38 am
What more can I say? It has already been said by all the contributors up to Marty Young. The last nail was appointing an Aviva man.
Unsuitable or offensive? Report this comment
Alan Lakey | 8 Dec 2010 10:41 am
Adviser Alliance recently underwent a strategic review where we found that, as before, we are against the negativity of the RDR and will therefore continue to fight for the nirvana of balanced regulation.
Anybody who wishes to join with us please go to
www.adviseralliance.co.uk
Unsuitable or offensive? Report this comment
Swanny | 8 Dec 2010 11:19 am
At least you are an adviser Alan and know whats going on.
Unsuitable or offensive? Report this comment