View more on these topics

Aifa triggers RDR fightback

Aifa has launched the first stage of its battle plan against many of the Retail Distribution Review proposals it warns could endanger the future of professional advice and lead to severe consumer detriment.

Aifa is writing to all its members today with an impact analysis on the RDR and its related papers and asking for feedback on a range of issues.

It has also set up a Future of Advice taskforce charged with producing a “manifesto for advice” to be launched later this year.

Members of the taskforce include representatives from Baigrie Davies, Asset Management IFA, SimplyBiz, JS & P Towry Law, Sesame, Tenet, AWD, Bankhall, Stewart Asset Management Group, Thinc Group and Lighthouse.

Aifa says the taskforce will aim to develop a clear statement on the role and value of financial advice and set out where the financial advice profession brings tangible economic and social value- benefiting consumers, the UK economy and the business community.

Aifa director general Chris Cummings says: “Empirically robust research is now starting to demonstrate the value that financial advice delivers for individual consumers. The work of the advice profession benefits the Treasury, through increased tax-take, the UK as a whole through growing the wealth of individuals and provides significant increases in financial capability to those who receive advice. We will also tackle the issue of why the professional advice community does not have the reputation it deserves.”

In next week’s Money Marketing, Cummings urges all advisers to engage in the debate around the RDR and warns of the potential implications of not becoming involved. Read his column here.

Aifa is also commissioning detailed independent market research and engaging with consumers to assess the economic and social value of advice and the robustness of the sector.

Cummings says it is the type of research the FSA should have conducted before writing the RDR discussion paper.

This work will form the first two months of the six month plan with the second period focusing on putting forward a positive agenda for what an advice firm in the 21st Century should look like. He says much of this will focus on the good work currently taking place in the industry.

Cummings says: “We need to focus on the role and value of independent financial advice as the gold standard of financial advice in the UK.

It has taken 20 years to get to this position. The investment in firm’s professional standards in the last five years has been breath-taking. I cannot think of a profession that has moved as fast in the last five years. It is deeply unfair that at a time when professional standards are taking hold we are seeing proposals that will risk unsettling the apple cart.”

The third part of the six month plan involves active engagement with politicians, regulators and consumer groups and the trade and consumer media focusing on the essential question of whether consumers will be in a better position after the RDR is implemented then they are today.


F&C stresses it is in charge

F&C Asset Management has been contacting clients to stress that it is leading the integration of Resolution Asset Management.Speaking at a press briefing this morning, head of communications Jason Hollands said the integration of RAM could achieve cost savings of £26m but will involve redundancies.He said F&C will ensure its investment teams and processes working […]

Minister blasts ‘nightmare of regulation’

New trade and investment minister Lord Jones has hit out at the “nightmare of regulation” affecting businesses in the UK.Speaking at a trade and industry select committee meeting in London last week, Jones, minister of state at the newly created Department for Business, Enterprise and Regulatory Reform, attacked what he described as the “risk-averse culture” […]

Future is clouded for F&C

The merger talks mean the future is uncertain for F&C Asset Management, which is 52 per cent owned by Friends,Investment management is seen as the main overlap if the deal goes through and commentators say any merger of Resolution and F&C’s fund businesses would mean job losses.F&C has struggled in recent years, posting losses of […]

Helm Godfrey still on acquisition trail

Helm Godfrey is seeking further acquisitions after profits rose by 47 per cent in the first half of this year from £345,000 to £507,000.The national IFA firm saw turnover grow by 34 per cent from £2.76m to £3.7m.Managing director Bruce Wilson says it is starting to see the benefits of wrap in improved admin and […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm