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Advisers challenged to grab initiative on RDR

Advisers must set down their own agenda on the retail distribution review or they will “deserve the best the FSA gives us”, says Aifa.

Speaking to Money Marketing at the Conservative party conference in Blackpool last week, Aifa director general Chris Cummings said its Manifesto for Advice group will publish its finding next year aimed at producing a compelling document on the future of advice.

Cummings says it will ask tough questions about what sort of profession IFAs want and what steps should be taken to improve the way they are perceived by the public, Westminster, Whitehall and Brussels.

He said: “This is about the advice profession taking the initiative, being on the front foot, not always just responding and saying what we think of other people’s ideas. It is about time this profession grew up, expressed its maturity and started expressing its own agenda.”

Cummings hopes the FSA will respond to Aifa’s document, which will also be used to lobby the Treasury and Brussels.

As part of its response to the RDR, Aifa will conduct the biggest ever survey of advisers, sending out over 100 questions, both to members and non-members, to feed into its lobbying work in the new year.

Cummings said Aifa has taken the opportunity to advertise to non-member firms the important wins achieved recently on the Financial Services Compensation Scheme review, getting an independent review of the Financial Ombudsman Service as well with the RDR by getting the statute of limitation inserted and toning down some industry plans for commission.

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