Aviva director gets Aifa top job
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Source: Michael Walter/Troika
Aviva director of distribution development Stephen Gay is to replace Chris Cummings as director general of Aifa.
Gay also becomes director general of the Association of Mortgage Intermediaries and Association of Finance Brokers.
Gay has over 25 years experience in the industry, most recently overseeing Aviva’s retail distribution review work and launching its RDR adviser academy. He previously worked for Prudential and Standard Life.
In November 2009, Gay warned in Money Marketing that Aifa would face a backlash from members if it tried to legally challenge the FSA’s retail distribution review proposals forcing all advisers to reach QCF level 4 by January 2013, following a statement from Cummings suggesting the trade body might go down that route.
Aifa chairman Lord Deben says: “Stephen has an excellent understanding of the challenges and opportunities faced by advisers, including the tough economic climate and the ever changing regulatory agenda. His experience will be vital to promote and protect our members. In Aifa, the IFA profession has a strong, united organisation that stands up for their interests. Stephen is well placed to lead our work and build on the significant contribution made by Chris Cummings and his team.”
Gay says: “There is a fantastic opportunity here to build on Aifa’s successes and to take the organisation forward through this transformational period for the industry. I am delighted that I have been selected to lead Aifa, Ami and the AFB.
“All three organisations are now firmly at the heart of political, regulatory and policy discussions. I look forward to representing members’ interests at such a critical time.”
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Readers' comments (23)
Anonymous | 3 Sep 2010 4:08 pm
I have spoken, on many occasions, to an IFA that has corresponded with Mr Gay and seen the correspondence. In my opinion the man was not vary aware of what was to an IFAs benefit and was extremely pro the RDR and keen on doing his best for Aviva. I also felt that some of his comments were less than sensible. How he got this position is anybody's guess. But someone out there may have an inkling.
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Rod Leonard | 3 Sep 2010 4:09 pm
After Paul, who did a great Job it was an ex Director of the FSA David Seven, then Chris Cummings .. nice man but achieved little and now an ex Director of Aviva.
Who on earth runs AIFA, why can't an IFA or ex IFA run the IFA association. I for one will not be rejoining, especially with someone who thinks RDR is a good thing at the helm.
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Eric Shun | 3 Sep 2010 4:20 pm
Can we really expect good leadership from an Alistair Darling lookalike!!!!!!!!!!!!!! "his experience will be vital to promote and protect our members" ........... Yeah right........... Prudential and Norwich Union .....Oops.... Aviva staff might disagree.......
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Anonymous | 3 Sep 2010 4:21 pm
This is ridiculous, what does this guy have to do with IFA's?
Surely IFA experience should be top of the list of experience needed?
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Anonymous | 3 Sep 2010 4:22 pm
“Stephen has an excellent understanding of the challenges and opportunities faced by advisers, including the tough economic climate and the ever changing regulatory agenda.
We shall see...
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Julian Stevens | 3 Sep 2010 4:27 pm
It might be useful for all concerned if AIFA could publish a list of its successes over the past 10 years, along with a list of its failures. I would also like to see an itinerary outlining explicitly the issues on which Mr Gay intends to tackle the generally intransigent FSA to secure a better deal for the extremely hard-pressed IFA sector, on whose behalf he envisages such a "fantastic opportunity" now that he's set to take the helm.
According to Dictionary.com, the definition of fantastic is "conceived or appearing as if conceived by an unrestrained imagination; odd and remarkable; bizarre; grotesque". Perhaps that gives us some idea of what to expect.
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Jim Smith | 3 Sep 2010 4:29 pm
Perhaps his AVIVA RDR academy experience is what helped seal the appointment. Now that Aifa have expanded to also be an exam awarding body like the CII they will need someone to run it who has some experience in this field. I will not renew my Aifa membership, why would I want to help fund an exam awarding body that is not what I expect them to get involved in. I feel their focus should be on fighting for IFAs rather than fighting the likes of the CII & ifs!!
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David Irving | 3 Sep 2010 4:35 pm
Poachers and Gamekeepers spring to mind?
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Anonymous | 3 Sep 2010 4:36 pm
To be honest, Aviva have been one of the more sensible voices in the market on the RDR; less pro-RDR than simply pragmatic with something which is happening, because, frankly, that's how the system works when the FSA wants something.
Better than some of the nay-sayers, especially prevalent in our community, who would happily have led us all into some atavistic dead-end and ruined all credibility.]
Best of luck. He'll undoubtedly need it.
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Martyn Edwards | 3 Sep 2010 5:04 pm
WHAT ON EARTH IS HAPPENING?
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