Aifa says it will consider holding a member vote on whether to allow restricted advisers to join after the RDR deadline.
An Aifa spokesman says a decision will need to be made about membership criteria for firms that decide to become restricted or offer a restricted service alongside independent advice.
He says: “Any decision to offer restricted advice is one that individual adviser firms will need to consider over the next couple of years. Should member firms elect to offer restricted advice alongside independent advice, then Aifa, through a process determined by its elected council, will need to make a decision about its membership criteria and who it represents.
“It is, however, a theoretical question which will only arise in the future. We will continue to maintain a healthy dialogue with members on the challenges and opportunities facing the profession.”
Aifa published its Advice Horizons RDR paper last month which encouraged advisers to consider offering restricted advice, saying it could generate efficiencies and open up new opportunities.
In 2005, when Chris Cummings took on the role of Aifa director general, the trade body decided against allowing multi-tied firms to join following a member consultation.
Speaking to Money Marketing before his departure from Aifa last week, Cummings said a decision should not be made by the Aifa council. He said members should again be given a vote on whether restricted advisers should be allowed to join.
He said: “All the council members are elected, so that does give the council a legitimacy on this issue but I think something as big and as fundamental as this should always be thrown back into the hands of members.”