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.”