Aifa deputy director general Fay Goddard says there have been no formal talks with Biba in relation to a takeover or merger.
She says: “We work closely with Biba on relevant industry issues, as we do with other trade bodies representing intermediaries, and will continue to do so.
“Aifa has enjoyed a very successful 12 months culminating in the publication of our Manifesto for Advice, which has received wide support across the industry. The reaction to our work on the retail distribution review and the Manifesto shows what can be achieved when the intermediary sector presents a united front to government and the regulator.
“We will continue to focus our efforts on influencing the regulatory agenda to achieve the best possible outcome for our members.”