IFP directors Marlene Shalton and Jane Wheeler lent the institute a total of £75,000 ahead of the IFP’s 2008 conference to cover a funding shortfall.
Chief executive Nick Cann says that the credit crunch hit some of the last-minute sponsorship for the conference and the IFP was forced to cover significant costs. Shalton, a financial planner at Bluefin Wealth Management, lent £50,000 and Wheeler, principal of Direction Financial Planning, lent £25,000 at interest of 6.5 per cent.
Cann says: “We took the loans because we wanted to shore ourselves up and make sure we were well positioned to compete. Between the conference last year and the conference this year, the organisation has had its best-ever year financially. We expect to have a high surplus at the end of 2009.”