A secret crisis meeting took place on Tuesday between the LIA and former presidents who are unhappy with details of the merger with Sofa.
Past presidents at the meeting at the RAC Club in London were Andy Bedford, Gavin Tisshaw, Peter Sprung, Len Warwick, Mike Bousfield, Tony Gordon, Christine Leach, Mike Clarke and Brendan Glennon.
Money Marketing understands that issues raised by the former presidents ranged from dissatisfaction with the loss of designatory letters for LIA members to the lack of grandfathering for some LIA advisers.
The former presidents are believed to be asking why the merger did not involve Sofa coming away from the CII to join with the LIA as well as questioning the LIA about what assets Sofa is bringing to the merger, given the property the LIA will be contributing to the new body.
Before the meeting, one former president said he was unlikely to vote for the merger.
An LIA insider says: “The meeting is a courtesy to the past presidents and does not have particular constitutional relevance.”
Sprung says: “The meeting answered our queries adequately but I would urge LIA members to visit the LIA website to see if there are any issues with the merger that will affect them.”