The Large Networks' Association is set to become a special interest group
within the new single trade body for IFAs.
The LNA will continue to represent its members' interests but will be
operating under the auspices of the Association of IFAs.
Last week, it emerged that the board of the IFA Association were recommending the winding up of the IFAA and recommending that its 2,600 members move into Aifa.
IFAA members will vote on the winding-up proposals at an extraordinary
general meeting which has been provisionally set for August 31.
Aifa says that the IFAA's standing committees, such as the stakeholder
pens ions committee, will continue to operate.
But it says it cannot guarantee that the membership will remain the same,
as other parties, such as the IFA networks will have to be represented.
Aifa will also adopt the regional structure of the IFAA, with regional
chairmen, in a bid to ensure that small IFAs have a clear line of
communication to the board.
Elections to the Aifa council will be via an electoral college system,
with networks voting for the network positions, large intermediaries for
the large intermediary seats and small IFAs for their representatives.
The first elections are set to take place towards the end of the year.
Aifa says it has a membership of 7,000 registered individuals.
It is understood that an announcement will be made imminently about Aifa
taking permanent premises in the City of London.
Project manager Richard Knox-Johnston says: “The LNA has moved into the
new association. It becomes a group within the new organisation. I am doing
a great deal of research at the moment on what representation will look
like. It is quite a challenge.”
