Unity is vital in fight for future
Share
I was also there to have meetings on the latest aspects of what is loosely termed the "European retail distribution review" - the packaged retail investment products proposals.
Two things stood out for me during the visit -how strong the massed ranks are of those who are anti-intermediary, and how well intentioned amateurs are a danger to the reputation of the advisory profession.
An example in point - a senior director of a French bank gave a presentation on how strong their systems and controls now are, how customer-focused they have become and just how the recent turmoil could never happen again. The presentation was detailed, provided a huge amount of research and was conducted with flair. Senior European regulatory heads nodded and supportive noises could be heard.
Next came a presentation from a continental European intermediary, there to represent her organisation and speak on behalf of smaller firms across Europe. Her passion and commitment were laudable but she misjudged the meeting, failed to convince the decision-makers in the room, and managed to alienate several others by her comments.
The summary, from those who are charged with turning proposals into the next directive, stressed how badly intermediaries had performed, the problem of their poor reputation and why they needed to be better qualified.
You can imagine the crisis follow-up conversations with European officials I have had, the extra meetings that have been arranged, and how my team felt seeing months of hard work evaporate.
I cannot criticise this intermediary. Everything she said, she felt strongly about, in many cases, she may have felt herself to be right. However, it was again, a lesson in the need to lobby well - or not at all.
These are important times in the UK and Europe. The FSA is going through an internal reshuffle, the entire regulatory architecture is under review and we are less than a year away from a general election.
At this moment, we must have our political antennae attuned to the sharpest pitch. A wrong word, in the wrong ear, at the wrong time, risks robbing the IFA profession of an opportunity it has not had in a decade.
At a domestic level, Aifa has just delivered an £11.7m reduction in regulatory fees, we are campaigning for better regulation, a better outcome in the FSA's capital proposals and a political environment that supports IFA firms. We are also about to launch a free business transition academy for those who want to prepare their firms for change.
We are also fully engaged at the European level. There are those who do not want strong IFAs here or across Europe because we always place our clients first.
That is why there has never been a more pressing time to support your trade body. We must present a united front if we are to deliver a strong, and successful profession for the future.
Chris Cummings is director general of the Association of Independent Financial Advisers
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
