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Aifa cautions Jifa on impossible aims

Aifa is telling fledgling IFA organisation Justice for IFAs that it may be trying to achieve the unachievable in its bid for a new definition of misselling through the European Court.

Director general Paul Smee rejects comments from Justice for IFA head and Sway chief executive Jon Maguire that Aifa and the LIA have presided over the decline of the IFA sector.

Smee says the FSA has conceded ground by issuing a definition of misselling that says IFAs can only be judged by the standards of the time.

Maguire says: “Because of the reputational damage and the litigious blame culture that has grown up, a definition of misselling is massive for IFAs. If you ask to what extent the sector has benefited since the emergence of the trade bodies, you would give a low mark.”

Smee says: “I dispute very strongly any allegation of Aifa presiding over the decline of the IFA sector as I am happy to stand by what we have achieved on the menu system and PI. Jon needs to be much clearer about what he is trying to achieve and the most cost-effective way of getting there.”

•Perspective, p14

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