Aifa members have voted in favour of controversial plans to allow restricted advisers to join the IFA trade body and approved its rebrand to the Association of Professional Financial Advisers.
The move to accept restricted advisers and the subsequent rebrand was voted through at Aifa’s annual general meeting in London this week.
Adviser Alliance director and Highclere Financial Services partner Alan Lakey has been elected to the APFA council. Money Marketing revealed last month that Lakey was standing for election.
This followed a strategic review of the organisation, led by then-director general Stephen Gay. Gay left Aifa in January to join the Association of British Insurers as director of life, savings and protection.
Aifa made a pre-tax loss of £153,665 in the year to 30 June, compared to a £194,419 loss the previous year. Policy director Chris Hannant said the lack of a director general represents a “significant cost saving” to the trade body, though this will be kept under review.