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Falling subscriptions push Apfa to £30k loss


Falling subscriptions fees from associate members pushed Apfa from profit to a deficit of £30,000 in the year to June 2015.

The trade body’s audited annual report shows it made a £30,080 loss compared to pre-tax profits of £29,253 over the same period in 2014.

Turnover also fell, from £797,842 in the year to June 2014, down to £722,041 last year.

However, staff costs fell – from £441,654 to £390,389 – as headcount dropped from 10 to 9.

The report also shows Apfa paid £70,268 to the Lighthouse Group in rent, while the advice firm had an outstanding balance of £13,333 in subscription fees.

Apfa director general Chris Hannant says: “We are not for profit, we are not there to make a massive surplus but we do aim to be a bit above each year.

“But things happen, support from some of the associate members has dropped off a bit, we keep a close eye on it and adjust our costs accordingly.

“Since I’ve been in the role I’ve noticed associates have dropped off slightly, I expect the effects of the RDR has played into some of the budget of providers.”

Associate members include Schroders, Zurich, Royal London and Aviva.

In 2013 Apfa returned to profit for the first time in two years with a surplus of £117,337 before falling 75 per cent in 2014.



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There are 2 comments at the moment, we would love to hear your opinion too.

  1. I’ve noticed that over the past year or so APFA does appear to have upped its game a bit, which I sincerely hope feeds through to more members and more income. But it has to convince those whose support it seeks to garner that their money will be well spent and (as far as I’m concerned) it must also answer questions about why certain crucial issues aren’t on its agenda or have been abandoned.

    It’s working hard to win over as many MP’s as possible but it still refuses to answer why enforcement of the Statutory Code of Practice for Regulators isn’t at the very heart of everything it’s trying to achieve. The FCA’s wilful disregard for the Code is probably why its regulation of our industry is in such a mess and why it’s failed to avert so many train wrecks and motorway pile-ups.

    If APFA has a different take on this and for some reason considers that enforcement of the Code is not an objective worth pursuing, I’d be very interested to learn exactly why.

  2. They’d never heard of the Code until I raised it a few years back!

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