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Disillusioned Reid quits Aifa

Personal Finance Society vice-president Robert Reid has left Aifa, saying he is disillusioned with its views on the future of the industry.

Reid says he will not be renewing his membership as he believes the trade body is entrenched in its views about the current retail distribution review, appearing to be committed to maintaining the status quo and unwilling to listen to new ideas.

But Aifa director general Chris Cummings says he is “deeply disappointed and perplexed” by Reid’s decision and the reasons for it as Aifa is pursuing radical solutions.

He points to the fact that Barry Kayes, who is chairing Aifa’s distribution review working group, has attacked “yesterday’s answers to yesterday’s questions” and called for new thinking.

Cummings says Aifa has spent an enormous amount of time and effort canvassing member opinions and is surprised that Reid failed to make his feelings known or volunteer for its working group.

He says: “There has never been a time when we have listened more to members. The retail distribution review will have a huge effect on the industry, much greater than depolarisation, and we do not underestimate the need for new, radical thinking.”

Reid says: “I will not renew my membership as the organisation seems entrenched in its views. It does not show the desire to listen or give ground on certain important issues or see change in a positive light.”

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