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Member’s apathy in Aifa multi-tie voting

Aifa’s consultation with its members on whether to admit multi-ties is being hampered by low turnout from IFAs.

In July, Aifa members were asked to decide whether they want a purely independent trade association under the strict definitions set by depolarisation or to accept whole of market, multi-tied and hybrid firms.

But with less than a month before the consultation per- iod closes, Aifa says the majority of its members have not filled in the voting form on its website.

Aifa director general Fay Goddard says she is surprised by the level of apathy about the future shape of the trade body and is urging members to vote for their preferred option before the September deadline.

She says the limited feedback that has been received has been mixed, with some adv- isers undeterred by a possible 25-30 per cent fee increase necessary to maintain a pur- ely independent membership, and others prepared to take on multi-ties and whole of market advisers.

Goddard says: “We want to be sure we are representative of our members but we cannot do that unless members tell us what they want. The last thing we want is for us to go ahead and make changes and then members start complaining. If any of our members have strong feelings about the future scope of our membership they need to say so now.

Gaeia Partnership director Brigid Benson says: “I would prefer that Aifa was kept solely for IFAs but I am not surprised there is apathy among Aifa members. We are just exhausted by having to keep up with all the new regulation that is constantly being churned out.”

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