The Investment Association has disbanded its regulatory affairs unit in an attempt to cut costs after three of its biggest members announced their intention to quit the trade body this year.
The head of the regulatory affairs unit at the trade body, Richard Metcalfe, as well as a member of his team have been pushed out as a result of the unit’s disbandment, the Investment Association confirms.
An Investment Association spokeswoman says: “Richard joined as director of regulatory affairs in September 2013 and has been instrumental in making our voice heard in all aspects of the EU legislative process in Brussels and the rest of the EU.
“He focused initially on the ‘institutional’ side but subsequently covered all aspects of the industry, including retail and systemic issues, both within the EU and beyond.
“The Investment Association would like to thank Richard for his contribution and input.”
Schroders, M&G and St James’s Place, which hold a combined £611bn in assets under management, have decided to terminate their memberships with the Investment Association following their criticism of the agenda of former boss Daniel Godfrey, who left the organisation in October.
An SJP spokesman says: “Our business has grown in scale and complexity over the last few years and having reviewed our membership of a number of industry trade bodies, including the Investment Association, we have concluded that none fully meet the needs of our business and therefore are not providing value for money.
“Of course we will continue to play an active role on industry issues and will review our position regarding membership of the various professional bodies as appropriate.”
The Investment Association is currently run on an interim basis by director for risk, compliance and legal affairs Guy Sears. The trade body is still looking “globally” for Godfrey’s replacement.