Industry veteran Ken Davy a former president of the LIA, has backed the planned mer-ger between the LIA and Sofa.
In a joint letter from Davy, chairman of SimplyBiz, and founder of Sofa Ben Carroll, they say a single body will at last give advisers the rec-ognition and standing they deserve and put them on a par with the legal and acc ountancy world.
They say: “Unless we are seriously misjudging the character of LIA and Sofa members – and we absolutely believe we are not – we will all have a hand in shaping the PFS into what we want it to be in the future. After all, it will be owned by – and therefore beholden to – its members.”
But former LIA president Mike Clarke has come out against the merger.
Clarke is adamant that the merger is “nothing more than a takeover of the LIA by the CII” and is urging all LIA members to vote against it.
He points out that the proposed structure will exclude over 80 per cent of members from the leadership of the Personal Finance Society as board members must hold the AFPC, a qualification in excess of that recognised by the regulator and which is provided by the CII.
Clarke says members of the PFS will only be included in a Find an Adviser website if they hold the AFPC qualification.