View more on these topics

A step forward or a takeover?

Former LIA pre-sident Peter Sprung found that the meeting with the LIA board answered many of his questions and he would like to see a truly unified body. However, he would have liked to see the merger talks including the Institute of Financial Planning.

Ex-LIA presid-ent Ken Davy backs the mer-ger as he says it will give advisers the recognition and standing they deserve and put them on a par with the legal and accountancy world.

Sofa founder Ben Carroll says he is firmly in favour of the merger as he feels that all advisers will have a hand in shaping the Personal Finance Society into what they want it to be in the future as the body will be owned by and therefore beholden to its members.

Former LIA pre-sident Andy Bedford says he has been con-vinced by ans-wers from the LIA board given at a meeting held for past presidents, saying that although the process might not have been completed correctly and all the details are not there, its spirit is well intended.

Former Sofa man-aging director Brian Lawless supports the merger overall but highlights the difficulties the board will face in bringing together a technically minded Sofa with the LIA, saying the regulator would take a negative view if the merger fails to go ahead given that it wants one professional body.

Ex-Sofa director Jo Smith says she backs the merger, saying that if the proposals do not go ahead now, it would be humiliating for the industry.

Ex-LIA comm-ittee member and Sofa former director and vicechairman Phil Billingham supports the merger and is urging IFAs to get behind the new board and get on with the merger. Billingham says there is huge overlap bet-ween the membership of the bodies and asks the industry to work on the 99 per cent it has in common rather than the 1 per cent that separates it.

Former LIA president Gavin Tisshaw says he wholehear-tedly supports the merger, seeing a completely natural fit where the relative str-engths and weaknesses of the two bodies compliment each other.

Although Tisshaw says he would have preferred to see the LIA/Sofa and the Institute of Financial Planning merge with firm educational links to the CII, Tisshaw believes that if the merger is rejected, it will send out a message that the industry does not want to be united in a common cause, share a professional ideal, improve standards of advice and business skills and generate greater consumer confidence.

Sofa fellow and Aifa board member Gary Bottriell rejects the merger, being highly critical of the proposed name Personal Finance Society as it contains no reference to advice and excludes those doing work in the corporate, trustee and charity sectors. He says the loss of the Sofa brand will severely damage attempts to create a recognised profession out of financial advice.

Ex-LIA presi-dent Len Warwick says he

is staunchly opposed, disagreeing with the proposal that only those with AFPC qualifications be on the board and on the Find an Adviser website and that the majority of the board could be made of up CII employees. He is appealing for more time voicing concerns over the speed with which the merger is happening.

Former LIA chief executive Jeff Travis says he is opposed to the merger, bel-ieving it will see LIA members losing the “dip” in their qualification, a downgrading of their membership status and a bias towards AFPC holders. He does not think members are being told the entire story.

Former LIA pre-sident Mike Clarke says he is against the merger as it is nothing more than a takeover of the LIA and he says the structure will exclude more than 80 per cent of LIA members from its leadership as board members must hold the AFPC.


Pension credit will need review, admits Johnson

The new Work and Pensions Secretary has admitted that the pension credit needs to be reviewed because it is likely to affect increasing numbers. Speaking at an ABI fringe event at the Labour Party conference, Alan Johnson conceded that if the pension credit continues to rise in line with earnings and the state pension continues […]

Warning that &#39old dinosaurs&#39 are not ready to pay proc fees

Lenders are not ready to pay procuration fees through networks because they have not sorted out their back-office systems, says Whitechurch managing director Ian McIvor. McIvor is concerned that after speaking with various lenders, some still intend to pay procuration fees direct to mortgage intermediaries and not through networks. This in effect will mean that […]

Out of context

•”I cut my hand last week so I haven&#39t been able to do much. I&#39ve been living like a student all weekend and it&#39s great.” – NU media relations executive Rob Pell. •”We decided on putting in the colon as without it, we looked we were calling ourselves CHOMPING, which isn&#39t nice.” – CCHM&#39s Rebecca […]

&#39Decent structured deals are going to waste&#39

An issue that has been on the boil since regulation was first announced is the use of the word independent. This single word has provoked more discussion than perhaps any other aspect of regulation in both the IFA and mortgage intermediary market. If you wish to call your firm an independent mortgage intermediary in the […]

Tax allowances and exemptions

Helen O’Hagan, Technical Manager at Prudential, looks into the planning strategies that can deliver considerable tax savings for your clients. Inheritance tax (IHT) Consider Margaret, featured on our Planning Matters family hub, who is a sprightly eighty year old with four children and several grandchildren. She’s recently been widowed and IHT planning is high on […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm