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Aifa to tell new minister how IFAs work

Aifa is drafting a paper to send to the new minister who will take charge

of financial services to ensure they understand the role of IFAs in meeting

their key policy objectives.

Speaking at PIMS on board the Oriana, Aifa director general Paul Smee told

Money Marketing about the importance of making sure the minister is clear

from day one of the value of advice in helping switch the balance of

financial provision from the state to the private sector.

The move comes amid widespread speculation of a major reorganisation of

Government departments if Labour wins the election. This might see the DSS

disappear and the Treasury take control of pensions.

Smee says: “When new ministers come in, it is important to let them know

how IFAs can fulfil their overall objective. It is important to show how

IFAs are the solution and not part of the problem.”

He says Aifa is in the pro-cess of gearing up to deal with the so-called

son of Myners report which brings financial advice under further scrutiny.

Smee said: “Many IFAs I have spoken to want to know how we are responding

to the son of Myners but we will not be able to do this until after we have

found out what the questions are to be asked by it.”

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