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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.”


Smith & Pinching lays foundations for Fof

Smith & Pinching Portfolio Management expects to launch its proposed global property fund of funds in June and is putting together the prospectus for FSA approval.The company will seed the portfolio with money from its bespoke portfolio service and its financial services arm.The new fund will use the maximum flexibility allowed under the non-Ucits retail […]

Government in talks with lenders over green mortgages

The Government has revealed that ministers are in discussion with the financial services industry about providing green mortgages.It hopes such moves would help make the improvements suggested in energy performance certificates, which will form part of Home Information Packs.It is the latest call from Westminster for the mortgage market to help the environment by proving […]

Misys expects fall in Sesame numbers

Misys says it is expecting Sesame’s network to see a drop-off in numbers in favour of multi-tie proposition Sesame Select.The group, which last week issued its interim results for the six months to November 30, 2006, says there are curr-ently 1,450 registered individuals signed up to Sesame Select and it expects this will lead to […]

Closed run thing

By the time you read this, I will have attended my first Association of Investment Companies roadshow of 2007. Or at least, I hope I will have done. Writing this, I am only too aware that our weather forecasters are expecting the arrival of winter this week.

Greece: the sideshow continues

Artemis managers James Foster, Mark Page and Laurent Millet comment on the Greek deal, describing it as “just another fudge” getting in the way of bigger developments in China, the UK and the US. To read the full article click here.


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