View more on these topics

Aifa wins backing as membership leaps

Bankhall chief blasts Towry Law’s attack on Aifa as members rally in support of trade body

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.”

Recommended

Transparency was the clear choice

Contrary to what some sections of the industry would have us believe, wrap is pretty simple and straightforward.In essence, it is an administrative service that combines, or wraps, all of a client’s investments into a single manageable account.This means that their total portfolio can be viewed at a glance and involves a huge reduction in […]

Ilott joins Fidelity’s multi-manager arm

Former Bates Investment Services head of communications Paul Ilott has joined Fidelity International as investment communications consultant for its multi-manager business.Ilott, who has 20 years experience in financial services, will be reporting to Fidelity’s multi-manager business managing director Simon Ellis and will help to drive a communication strategy for the business.In this newly created role, […]

Advisers rate Falcon and M&E top of networks

Falcon and M&E are neck and neck for top spot in this year’s Henry Samuels Marketing Services ratings of IFA networks.Market research expert Samuels says the overall findings, based on responses from 300 IFAs, indicate there is still trust in networks, despite continuing suggestions that the traditional network model is dead.Falcon and M&E have increased […]

Over half of IFAs do not understand personal accounts

Only 9 per cent of IFAs believe that personal accounts are a positive move for the financial services market according to research from The Pensions Report 2007.The report, produced in partnership with TaxBriefs, has also revealed that 56 per cent of IFAs do not have a good understanding of the government’s proposed personal accounts scheme.Furthermore, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment