The LIA is planning to restructure as a “true professional body” with a code of conduct and ethics and a disciplinary procedure for members which do not adhere to it.
This week, the LIA will be balloting its members on the structural changes in a bid to develop the association's role as a professional body among financial and mortgage advisers. It is looking to strengthen its position as an upholder of professional practice in a similar way to Sofa.
Contained in the proposals will be a possible change in designation for members, with each requiring a certain level of qualification. It is believed that under the proposals, members would no longer be able to hold the title of fellow without sitting appropriate exams.
The LIA is also looking to develop a continuing professional development programme in a bid to maintain standards within its membership but it is not thought to be looking to re-offer exams.
The LIA says it would not comment at present on its future moves.
An industry insider says: “The big question is, once these changes are made, will they improve the LIA's fortunes?”