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.”