There has been speculation about what the Personal Investment Management and Financial Advice Association will do for advisers, so I would like to take a moment to discuss our plans.
Pimfa will develop the Apfa agenda for advice and continue with input into the professional indemnity insurance review and the drive for proportionality in regulation that directly impacts the cost for members and their clients. We will also continue to press on concerns held by members about the size of their contribution to the Financial Services Compensation Scheme.
We will be able to do more as Pimfa than we would have been able to achieve separately. To begin with, we will create a manifesto outlining our overarching vision, which will form the starting point for re-engaging with politicians and the Government.
We also plan to commission a study on the value of advice to help us quantify how individuals can benefit from accessing it (allowing for the cost). This should raise the profile of the industry and improve access to advice, empowering individuals to plan for their financial future with confidence.
We will continue our market-leading work on the implications of Mifid II, extending the Wealth Management Association’s Mifid II bible to explore the effects of this upcoming regulation on the advice community. We will also be adapting all of the WMA’s work to help advisers regarding the more complex arrangements they face.
Pimfa is also planning a series of free regional events in at least 14 UK locations to engage with members and potential members.
This is just a start; there will be more. Above all, we will not lose sight of the day job, which is representing advisers’ views to the regulator and the Government, and positively influencing change.
Chris Hannant is director general at Apfa