A split has opened up between former LIA presidents following crisis talks over the planned merger with Sofa.
The LIA's 1994 president Andy Bedford has already posted back a yes vote for the merger but 1988 president Len Warwick remains staunchly opposed.
The disgruntled former president has broken his silence on the merger and voiced his concerns over the speed that it is happening. Warwick also objects to the proposal that only AFPC-qualified IFAs would be listed on the Find an Adviser website.
But while Warwick appeals for more time on the merger proposal, Bedford has been convinced by the answers from the board of the LIA. He thinks that the process may not have been completed correctly but believes the spirit of the merger is well intended.
Sofa fellow and Aifa board member Gary Bottriell has hit out at the merger plans and the proposed new name of the Personal Finance Society. He believes that it will be unacceptable for advisers who do corporate, trustee or charity work.
Warwick says: “I still want to see a single body but not on these terms and particularly not in such a hurry.”
Bedford says: “I was happy with what the board said to me and have sent back my papers with a yes. The merger is well intended and while the details may not be all there, the will is right.”
Bottriell says: “The Personal Finance Society. The name is childish and brings to mind a back-street credit union.”
Comment, p41; Merger Edge, p43