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Categories:Advisers,Mortgages

Ami and Aifa to split

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Ami has announced it is splitting from Aifa and will be headed up by Robert Sinclair.

Ami will become a separate, independent organisation representing the mortgage community.

Sinclair says: “This is the time to make a change to ensure we can deliver continued focussed representation for our members. We have done the preparation work and we know we can deliver a financially stable and robust trade association for mortgage intermediaries which is able to dedicate its time to making sure this part of the industry is ready for the changes which the mortgage market review and the European mortgage directive will bring.”

Aifa and Ami chairman John Gummer will remain as the chairman of both bodies.

He says: “Ami has grown significantly over the past five years, but it has also grown up. It is now a position to stand on its own two feet and be financially autonomous. The Aifa Council and Ami board feel now is the right time for it to set out in its own direction.

“Aifa is in a strong position following the changes we have made to the way the organisation is run. Led by the hard work and commitment of the Aifa Council and the executive team, we remain in a position to deliver the single, strong and united voice for the advice profession. We will continue to negotiate the remaining outstanding aspects of the RDR, the new regulator, and deal with incoming European regulation.”

Following its organisational review, Aifa initially planned to split into three internal divisions to represent IFAs, restricted advisers and mortgage brokers.

In January, Aifa director general Steven Gay announced his is leaving the trade body after just over a year in the post. A replacement has not yet been found.

Aifa announced today that it has appointed Intrinsic managing director of corporate Wallace Dobbin and Protection & Investments chairman Keith Blacker to its Council.

Positive Solutions chief executive and Aifa Council member Jim Reeve says: “In the last few months I think Aifa has come a long way to determine what it is and what is of most value to those we represent. We are reflecting on the organisational structure but the resources and talents of the board mean that we have confidence in our plans for the coming months and that Aifa has the financial wherewithal to deliver a strong message on behalf of our members.”

West Riding Personal Financial Solutions managing director and Aifa Council member Neil Liversidge says: “Aifa is determined to more robustly represent and articulate the interests of all advisory firms, small and large. The structural changes clear the way for Aifa to maximise its effectiveness in the coming regulatory environment.”

 

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Readers' comments (3)

  • It seems as if the networks are tightening their grip on the AIFA council.

    Whilst the networks will claim to have the same interests as their members this isn't always the case.

    AIFA is totally dependent on the goodwill of the networks and voluntary funding from ABI members. Until this changes there cannot be any true nrepresentation of 'ordinary' advisers.

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  • Anyone up for some more musical chairs?

    So, if you are a firm which is an IFA, a Mortgage Intermediary and an Insurance Intermediary.. er.. what the hell.. also an Imvesment Manager and a Stockbroker and at Lloyds you will either be member of all or as is often the case a member of none.

    Will the AMI move out of expensive offices?

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  • For AIFA to gain any credibility, a good start would be a root and branch clearout. The council members (not all) would be a good start. Then its articles of association and terms of reference.

    Robust representation and perhaps more importantly representation that reflects the feelings of the majority of its real customer facing membership (not the networks and other vested interests) starts from the front.

    I fear that there is no appetite for that.

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