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IFP borrowed £75,000 from its directors last year

The Institute of Financial Planning says it has had its best financial year in 2009, despite having to take a loan of £75,000 from two of its directors last year.

IFP directors Marlene Shalton and Jane Wheeler lent the institute a total of £75,000 ahead of the IFP’s 2008 conference to cover a funding shortfall.

Chief executive Nick Cann says as the credit crunch hit some of the last minute sponsorship for the conference did not materialise and the IFP was forced to cover significant costs.

Shalton, a financial planner at Bluefin Wealth Management, lent the IFP £50,000 and Wheeler, principal of Direction Financial Planning, lent £25,000 at an interest rate of 6.5 per cent.

Cann says: “We took the loans because we wanted to shore ourselves up and make sure we were well positioned to compete.

“Between the conference last year and the conference this year the organisation has had its best ever year financially. We expect to have a high surplus at the end of 2009.”

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