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Lakey canvasses opinion on new IFA group

Highclere Financial Services partner Alan Lakey is canvassing the IFA community on whether there is enough support to launch a new representative group for advisers.

Lakey, who resigned as IFA Defence Union chairman earlier this month, is currently contacting IFAs across the UK to see how many are prepared to pay a fee to support a new group to represent IFAs on FSA and Government matters.

He is working with GDC Associates partner Derek Gair and Williams Farrall Woodward partner Steve Farrall.

He says: “If there is an appetite amongst the adviser population for a focused group that will concentrate on specific issues such as the long stop and RDR, then me, Derek Gair and Steven Farrall are interested in taking that forward.

“Whether it goes ahead is entirely dependent on whether there is enough advisers who are willing to join and pay an appropriate fee so that we can build a suitable balance that will enable us to do the things we set out to do.”

Lakey says any new IFA representational body will need to obtain funds from members so as to mount defences and challenges.

He adds: “We believe that a cost structure of a £100 joining fee together with an annual fee of £150 or £15 per month would balance the funding requirement.”

While Lakey has not set an absolute target for the number of IFAs he hopes to attract, he says: “It is fair to say a critical mass of around 500 would be appropriate because that then would give us the clout we need and the financial backing that would enable the legal actions and whatever we need to take place.”

He adds: “In short IFAs have had a very bad deal over the last 20 years and it is getting progressively worse.

“We represent the good side of the industry yet we are the ones who are pilloried a lot and we are the ones that will suffer as a result of the RDR.”

Lakey says it is likely the group will employ a full-time administrator to keep the infrastructure in place, and he will know whether to pursue the group by next week.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Go on the AIFA Council Alan
    IFADU was formed because of what the FOS was doing, or not doing as the case may be, our argument was not with the FSA and we told them this at the meeting in Birmingham. At the meeting with Kenmir and Choyce it became clear to me that they had been sucked in by the PFS mantra of well capitalised and highly professional IFAs, does that ring an RDR bell or two? Well the reason for their thinking was that they were sick and tired of IFAs moaning about having to pay compensation, sorry redress, or refusing to do so and then the claimants having to go to the courts who would force IFAs to sell their homes, make them bankrupt or whatever. Were we being high jacked to do what AIFA is supposed to be doing? Do we need another Judean People’s Front?

  2. what are we waiting for
    Where do we sign up Alan?

  3. Judean People’s Front?
    Of course we do not want another Judean People’s Front! However, the IFA community do need a voice that is prepared to challenge, confront the FSA and speak up for the true professional IFA. As a person who works in a provider rather than as an IFA I echo want Alan is doing.

  4. The Mystery Shopper for IFAs 1st October 2009 at 10:15 am

    IFADU number 2
    So far AIFA has done nothing for IFAs except claim victories others have achieved. The guy in charge knows nothing about financial services and wants a job in the treasury which he clearly told the media last year. So who’s side is he on? By the looks of it he is just like another politicial animal with personal goals.

    The now old and defunct IFADU actually achieved nothing and as one regulatory staff member told me they ignore the welshman banging his own drum in the valleys of Wales. His actual achievements in changing any refgulatory misdemeanours are zero. Roll on yet another Union and lets hope for some common business sense.

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