View more on these topics

Investment Association launches review as members threaten to quit


The Investment Association is launching a consultation on how it engages with its members after several groups suggested they will not be renewing their membership with the trade body.

Earlier this week M&G, Schroders, Fidelity Investments, Aberdeen and Invesco Perpetual said they will consider quitting the association, prompting chief executive Daniel Godfrey to leave the IA “by mutual agreement”.

Guy Sears, the director of risk, compliance and legal has been appointed interim chief executive.

Helena Morrissey, chair of the IA, today restated the trade body’s commitment to working towards greater transparency in the industry but says she recognises the need for a review into member engagement.

She says: “The Association’s members have always been conscious of their responsibilities in looking after other people’s money and recent events should not put that in doubt.

“The board reaffirms its commitment to supporting positive change in the interest of members’ clients. In particular, it will continue the work already done to ensure that consumers receive clear comparable information on which they can make good investment decisions.”

She continues: “The issues some members have voiced have been about the scope of the association’s agenda and the style and approach of engagement with members in recent years. Whilst our overall remit and focus remains on highlighting the important role that asset managers play in terms of addressing the pensions and savings needs of individuals, supporting the growth of companies and contributing to the UK economy; there is a need to consult on how the association prioritises against a packed agenda for the industry.”

The outcome of the consultation will influence the direction the new chief executive takes, Morrissey says, adding that in the meantime it is “business as usual”.

Sears says: “We understand that recent news has been unsettling, but the Investment Association remains focused on its ongoing work. As a membership organisation, differing views comes with the territory but we have a long history of working together and building consensus for the better and we will return to that approach.”

The pension freedoms and the impending competition review from the FCA will be areas the IA focuses on, Sears says, as well as ensuring “capital markets are not only free from abuse but positively work well for investors.”

He says: “This is a time of change and opportunity for the industry and the key now is to move forward collectively but there should be no doubt that the Investment Association and its members continue to be united by the belief that the success of our industry is completely aligned to the quality of the service we provide to clients large and small.”



Partnership chief slams ‘frustrating’ FCA advice gap delays

The Government and the FCA have been labelled “frustrating” and accused of “navel gazing” for for failing to deliver a solution to the advice gap. Speaking at the Institute of Financial Planning’s annual conference in Newport today, Partnership chief executive Steve Groves said it is time for the regulator to “step up to the plate” […]


Collapse of takeover talks leaves Cofunds in ‘serious mess’

The collapse of takeover talks with AJ Bell has left Cofunds in a “serious mess”, say industry sources. Last month Money Marketing revealed AJ Bell will not acquire Cofunds after the firm failed to reach a deal with the platform’s parent company, Legal & General. The two businesses had been in talks over a possible acquisition […]


Port in a storm: What safe harbour rules could mean for advisers

Tessa Norman and Natalie Holt The FCA and the Treasury are plotting a radical overhaul to the way financial services is regulated. If successful, the creation of a regulatory “safe harbour” would act as the gateway to product innovation and would go some way to closing the advice gap that has opened up post-RDR. But […]


Govt unveils plans for £2bn Lloyds retail offer

The Treasury has revealed its plans to offer at least £2bn of Lloyds Banking Group shares to retail investors. The retail offer will be launched in the spring, with applications available online or by post. The Government says it plans to sell down its remaining stake in Lloyds in the coming months. Members of the […]

Powerful estate planning tools ignored or forgotten by wealthy Brits

Canada Life IHT Survey 2016 Only a quarter of wealthy Brits have sought professional estate planning advice to ensure their families don’t pay more tax than required More than a quarter don’t even have a will and just one in five have gifted money Many say they do not need these tools but families would […]


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. I’ve yet to read any specific examples of why an apparently increasing number of fund management groups have become so disaffected with the IA. What’s it not doing right?

  2. I think Daniel Godfrey was guilty of considering greater transparency on fund charges which, while potentially in the interests of customers, was not universally welcomed by members.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm