View more on these topics

Aifa posts £154,000 pre-tax loss

Chris Hannant 480

Aifa has posted a pre-tax loss of £153,665 for 2011/12, an improvement on the £194,419 loss the previous year.

Its annual report and accounts for the year to 30 June 2012, published today, shows Aifa’s turnover fell 15 per cent from £1.6m in 2010/11 to £1.4m in 2011/12. Turnover is made up of member subscriptions and event income.

Directors’ remuneration fell 17 per cent from £201,573 in 2010/11 to £167,905 last year.

Total employee costs, including wages, social security and pensions, fell 22 per cent to £702,223, down from £902,604.

In February, Ami announced it was splitting from Aifa to become a separate, independent organisation representing the mortgage community, headed up by Robert Sinclair.

In January, then Aifa director general Steven Gay announced his was leaving the trade body after just over a year in the post. A replacement has not yet been found.

Aifa policy director Chris Hannant (pictured) says: “Aifa has continued to restructure the organisation and reduce its costs over the past year. Although a further loss has been made we are in a strong position going forward and will return to a surplus this financial year.

“It has been a challenging period for the advice profession. But thousands of advisers have benefitted from our FFWD Academy as part of a review of their business model. The new case study based diploma we launched with CIOBS has also helped experienced advisers to meet the new qualification levels.

“We have also continued to campaign on key regulatory issues, including fair liability for advisers, a fairer way to fund the compensation scheme and the overall rising cost of regulation and regulators.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. So, the question lends itself to be asked.

    How can these people purport to be representing IFAs when in fact they can’t even generate a profit for their organisation, which under any other circumstances would render it not fit to trade.

    Anyone who continues to pay their hard earned money into this organisation needs their head examining.

  2. Neil F Liversidge 22nd October 2012 at 3:09 pm

    From that comment Ned I must infer that you are having a free ride on firms like mine that do contribute by paying membership fees and giving up time lobbying for the benefit of all firms, yours included.

  3. A free ride Neil? What has AIFA done for the industry, except roll over on RDR when it should have fought it tooth and nail?

  4. One word; Grandfathering

  5. Gillian Cardy @ IFA Centre 23rd October 2012 at 9:06 pm

    @Neil : just because a firm does not belong to your organisation doesn’t mean that they don’t belong to anything!! They could have chosen to belong to the only trade association totally committed to representing and supporting Independent advisers … but I do accept more generally that for any organisation to be profitable it needs income – and if that income is not there then the organisation cannot function – and thus cannot begin to hope to deliver the results that those who don’t belong and don’t pay seem to think can be magicked out of thin air.

Leave a comment