Newly elected FSA board member Amanda Davidson says her aim is to impress on the regulator’s staff what it means to be an IFA in 2010 and to act in the interest of all advisers.
Davidson, who has been a director of Baigrie Davies since 2005, started as a sole trader and has held roles including director of Holden Meehan and founding director of Chase de Vere.
She served on the board of the Personal Investment Authority from 1999 to 2001 and was a member of the FSA’s regulatory decisions committee from 2001 to 2006.
Davidson is currently a member of the FSA’s financial capability steering group and has just stepped down from her position as deputy chair of Aifa which she has held since 2006.
Speaking to Money Marketing after her appointment, Davidson says: “This is an accolade for all IFAs. Finally, we have an IFA on the FSA board.
“I am obviously not giving up the day job, I will continue to work for Baigrie Davies where I do a lot of client work, so I am no different from most other IFAs in the country. I am hoping that will filter through into my work with the FSA as far as the reality of what it really means to be advising clients in 2010.”
Davidson says EU regulation may well have a bigger effect on adviser firms than the RDR.
She says: “We have got to be concerned about European regulation and indeed global regulation. If we just think about the IFA situation in terms of Europe, we have a unique market here in the UK because about 75 per cent all retail business by volume is done by IFAs. That is not the same in continental Europe, so it is really important that we make sure whatever comes out of Europe does not badly affect what happens to IFAs here in the UK.”