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IFAA to wind up after law pledge

The curtain will fall on the IFA Association next month after a turbulent


five years of existence.


IFAA board members have decided to recommend the winding up of the


association after receiving guarantees of financial support to fight


potential law suits from unhappy former members.


The disbanding of the IFAA, necessary to funnel its 2,600 members into the


new Association of IFAs, stalled after legal advisers warned board members c


ould be open to court action from unhappy former members.


Directors had refused to wind up the association unless it received


indemnity guarantees from Aifa.


But at a board meeting this week it emerged that the unnamed Lloyd&#39s


broker which underwrites the existing insurance policy for IFAA directors


would cover legal challenges from former members.


The association will now be disbanded and the board will recommend members


sign up to Aifa.


The membership will be asked to vote on the proposals at an extraordinary


general meeting, probably some time in August.


All key members of staff, excluding director general Garry Heath and one


other, have secured positions with the new association.


A board member says: “The IFAA board is now happy to wind up the


association and to recommend the transfer of members to Aifa. It is a very


good deal for the membership. One hopes it is a next stage forward to


single representation for the whole industry.”

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