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Aifa launches strategic review to ensure it is fit for purpose

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Aifa is launching a strategic review of the trade body following the arrival of new director general Stephen Gay to ensure it is fit for purpose.

The former Aviva director of distribution development was announced as Chris Cummings’ successor in September and joined Aifa on December 1.

Gay’s first move has been to call for a wide-ranging review of the organisation,  looking at Aifa’s purpose and its value to members. The process will see members and the Aifa council consulted on issues such as costs and who should constitute the Aifa membership.

In September Aifa said it would look at offering members a vote on whether it should allow restricted advisers to be part of the trade body, following former director general Chris Cummings’ view that such a decision should be made by members rather than the council.

The review is expected to take at least three months to complete and will include the Association of Mortgage Intermediaries and the Association of Finance Brokers.

Gay says with a new Government, a new regulator, an increasing European influence on regulation and in the run-up to the RDR, now is the right time to instigate this review.

He says: “I am here to take Aifa forward into a new regulatory and public policy environment. The organisation needs to be fit for purpose and this process will make sure that is the case.”

For a full interview with Stephen Gay see this week’s Money Marketing.

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Comments

There are 13 comments at the moment, we would love to hear your opinion too.

  1. I’ll save you the time and money Mr Gay – AIFA is NOT fit for purpose and hasn’t been for many years!

  2. By conducting this review you are clearly stating it is NOT fit for purpose. The name says INDEPENDENT please get your head around that one, I know it is difficult for a former Aviva employee but please try. It will NOT be AIFA after that change it will be AFA. It might then be fit for purpose as no Independent Advisers will be members. Well done that man you have suceeded to wreck the association in your first month.
    Perhaps you can also explain what you mean by change of government, regulator and EU influence in relation to this…I see no connection myself.

  3. I resigned from AIFA several years ago, and believe I have been totally justified in not wasting any of my hard earned money, (or should I say fees)on this shower.

    Their silence before, during and after the recent RDR Parliamentary Debate, has been absolutely deafening!

  4. This is like the FSA announcing that it intends to carry out a review of its own workings to determine whether it is fit for purpose. Foregone conclusion.

    How many turkeys actually vote for Christmas ?

    And I choose the turkey analogy deliberately.

  5. Too late Mr Gay. The organisation has lost so much credbility within the IFA community over the last 2 or 3 years, especially from its abandonment of the IFA cause to get some sense into the RDR. It took grass roots IFA’s to “crudely” lobby their MP’s, accordingto your predecessor (of which I am proud to say I am one of them) to make this happen. Strange how something so crude can lead to a debate amongst so many MP’s and get them asking some seriously overdue questions to those draconian autocratic members of the FSA (who, according to the own admission have consulted the indusrty) who did not act on the evidence given to them. Pehaps it is now time for the TSC to put a halt to the RDR for now and call for full independent enquiry into the FSA (and its successor) to ensure they are fit for purpose. Some of the FSA do a setrling job in rooting out problems but the policy makers and decision makers need to be called to account for the decimation of a once superb indusrty. I dont think there are many IFAs (if any) who disagree with regulation, but for goodness sake make it sensible, proportionate and most of all cost effective. Then IFA’s, providers and even the FSA can all get on and do what they are paid to do in a clear & affordable way. Wouldnt that be a pleasant change and a bit novel?

  6. I think we all saw this coming with the employment of a Life Insurance man. Aviva are not and never will be IFA friendly so how can someone who has spent his life there change. AIFA is dead

  7. Looks like some others are worried about their jobs.

    To late as far as I’m concerned.

    They forgot who they were suppose to represent and got caught up in politics rather than issues that effect advisers directly.

    Personally we need a whole new organisation run by advisers for advisers.

  8. What more can I say? It has already been said by all the contributors up to Marty Young. The last nail was appointing an Aviva man.

  9. Adviser Alliance recently underwent a strategic review where we found that, as before, we are against the negativity of the RDR and will therefore continue to fight for the nirvana of balanced regulation.

    Anybody who wishes to join with us please go to

    http://www.adviseralliance.co.uk

  10. At least you are an adviser Alan and know whats going on.

  11. IFA Defence Union 8th December 2010 at 12:03 pm

    If you want to express an opinion and expect it to be heard in the right places then for goodness sake don’t let someone else do it for you.

    Concerted campaigns using the political system are the only way to influence policymakers. When IFADU was about to launch yet another MP letter the FSA wanted to talk, the problem with that is the regulator is unable, or unwilling, to bring about proportionality in regulation.

  12. Too little too late.

    Don’t think AIFA has ever truly represented IFA’s myself so a review makes little difference.

  13. As was mentioned in the Annual AIFA dinner (£200.00 per head / ticket mind! – mostly attended by Life company Reps and customers – I was the only IFA on our table) – this is the only industry that has a Regulator bringing into effect a ruling of Treating Customers fairly – implying that as an industry we didn’t. This was allowed to happen without any consultation and without any resistance. Think about for one minute and ask what did you do to stop it – more than likley nothing.

    To see if AIFA is fit for purpose, the answer is no. As an IFA needing support and guidance in dealing with the FOS ludicrous decsion policy and FSA enforcement, I’ve been hung out to dry by AIFA.

    I’ve demanded a formal response from the Directors but to date nothing has been forthcoming. My best support has come from my MP – at not monthly fee!!

    It seems to me that AIFA employess are quite happy intheir job, making noises, and creating soundbites, lunching with their press colleagues, and parliamenatry pals, but when an IFA memeber has real concers, a problem that requires a trade body to defend it, and help resolve the situation – where are they? Chomping away on their champagne truffles on the gravy train.

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