Aifa’s membership has shot up by 10 per cent in the last two months in a resounding vote of confidence in its handling of the retail distribution review.
Speaking to Money Marketing at the Conservative conference in Blackpool, Aifa director general Chris Cummings said the response to the trade body’s RDR work has been fantastic and confirms it is moving in the right direction.
Since August, over 130 firms of all sizes and remuneration structures representing 1,800 individuals have joined Aifa and Cummings says 30 per cent of members are now fee-based.
He expects to announce a further number of big org-anisations joining Aifa after IFA Consortium signed up.
He says important Aifa victories, including the Financial Services Compensation Scheme review and lobbying for a Financial Ombudsman Service review, has shown non-members its importance.
Aifa is about to embark on the biggest-ever survey of IFA firms, both members and non-members, for its RDR response.
Bankhall chief executive Peter Mann has hit out at Towry Law for its decision to attack Aifa following its recent decision to end its membership.
Mann says: “Aifa is a good trade body doing a lot of good for a lot of people. If I, or people like Patrick Gale, have something to say about the remuneration models we choose and the way we run our business, we do so and that is our choice. But why Andrew Fisher has chosen to do it at the expense of a perfectly legitimate trade body just makes no sense.”