Open warfare has broken out among the ranks of the IFA Defence Union, with prominent members threatening to form a splinter group if their concerns are not addressed.
A meeting has been organised to discuss the future of the trade body after dissatisfaction surfaced over the way that the IFADU is being run.
One member says the IFADU’s recent submission to the Tory economic competitiveness group was the “last straw” and the organisation needs to be more professional.
Rebel members are angry that part of the submission-calling for the Financial Ombudsman Service to be replaced by tribunals made up equally of consumers and advisers – had not been agreed by members.
IFADU chief Evan Owen says he feels he has been used by certain members to promote their personal motives. Messages of support for Owen have appeared on various websites.
Owen says: “I have had enough of certain people who believe they can achieve anything by constantly being antagonistic to and goading the FSA, which is giving all advisers a bad name. A more constructive approach is required.”
Syndaxi Financial Planning managing director Robert Reid says: “This sounds like the Judea Popular People’s Front. They need to remember that we as advisers are always on parade and that profession-alism is vital.”