View more on these topics

Aifa and IFAP set up joint firm

Aifa and IFA Promotion are setting up a joint company to create a combined

strategy for promoting independent advice, ending months of speculation of

the two organisations merging.

In a letter obtained by Money Marketing, IFAP tells its sponsors that

plans for a merger fell apart because Aifa wants to be independent from

product providers.

Instead, a new jointly owned company, with the working title Newco, will

be set up to decide an overall strategy on how best to promote IFAs.

Newco&#39s board will contain five IFAP directors and five from Aifa, with an

independent chairman yet to be announced. IFAP chief executive David Elms

and Aifa director general Paul Smee will both be on the board.

IFAP&#39s board will be made up of product providers. Its resources will be

used to implement Newco&#39s decisions.

Aifa, however, will remain independent and Newco will have no input into

its strategy.

But IFAs remain sceptical that Newco will achieve results in promoting

independent advice.

IFAP chairman Douglas Claisse announced his retirement in the letter. A

successor has yet to be appointed.

Aifa director general Paul Smee says: “This is a sensible, pragmatic and

speedy way forward to ensure a good strategy for promotion between Aifa and

IFAP. It avoids great structural upheaval and allows us to get on with the

issues at hand like the polarisation review.”

Elms says: “This is an elegant solution as Aifa is left free to maintain

its independent stance and IFAP&#39s role remains unch-anged. Newco will

co-ordinate and strengthen the integrity of Aifa&#39s and IFAP&#39s stance.”

Richard Jacobs Pension & Trustee Services director Richard Jacobs says:

“This is not going to achieve anything. Both organisations are enshrined in

old-fashioned values and have vested interests.

“We need one organisation to control promotion but they are pussyfooting

around with a watered-down version.”


Nottingham wanders in the flexible forest

Nottingham Building Society has introduced a flexible mortgage which has a 1.75 per cent discount in the first six months.The mortgage has an initial payable rate of 4.40 per cent and is available for loans of up to 95 per cent of valuation. Borrowers can make underpayments and overpayments, take payment holidays and interest is […]

Fund statements raise investors&#39 fears

IFAs and fund managers have been inundated with calls from worriedinvestors over the past few weeks as many got their first fund valuationletters of the year. Most investors will have seen the value of their funds fall over the past12 months, with the average unit trust falling by around 15 per cent in theyear to […]

Scarborough steps & flexes

Scarborough Building Society has brought in the stepped flexible lifetime discount mortgage.The mortgage has an initial discount of 5.54 per cent for the first six months of the mortgage, giving a payable rate of 4.45 per cent for loans of up to 95 per cent of valuation. After this period for the rest of its […]

Hargreaves Lansdown offers online share dealing

Hargreaves Lansdown is launching an online trading platform which allows private investors to trade stocks in real time. Investors can place orders at any time, with orders placed outside market hours executed when the stockmarket next opens.Hargreaves Lansdown head of internet stockbroking David Rawlings says: “While we cannot provide our clients with an actual seat […]


Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).


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