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IFA apathy could scupper vote on Fimbra wind-up

Apathy among Fimbra members could hold up the PIA&#39s latest bid to kill off Fimbra, a leading councillor is warning.

The PIA has mailed voting slips to 3,600 IFA firms which are still Fimbra members in a second attempt to wind up the regulator.

But supporters of the plan, including Fimbra councillor Nick Conyers, fear that apathy among members may mean that the PIA will not get enough support for the proposals.

Pearson Jones director Conyers is concerned that only opponents will be motivated enough to vote. The PIA needs to win the support of 75 per cent of those who vote.

The PIA wants the Fimbra council of 11 replaced with PIA chairman Joe Palmer and two other PIA directors, who will then complete the winding up.

There are now just 39 firms which are directly regulated by Fimbra. Of these, 21 are having their applications to the PIA processed and 18 are appealing after being turned down.

Conyers says: "If members don&#39t do anything, they will be incurring a lot more cost but I think the majority will just put the ballot papers in the bin. Those who have an interest will then be able to overrule the present suggestions."

Fimbra council member Alan Harris, principal of Harris Investment Management, and a leading dissident, is urging people to vote against the proposal.

He says: "We believe Fimbra has a moral obligation to deal with the remaining members, however few in number."

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