IFAs that are unhappy with Aifa’s work on the RDR should leave the trade body and back Adviser Alliance, according to Nucleus chief executive David Ferguson.
At a PanceaIFA event in London this week, Ferguson said the IFA sector is divided over the RDR and Aifa cannot hope to represent both sides of the argument. He said: “IFAs that are anti-RDR and are unhappy with Aifa should resign en masse and back Adviser Alliance. Alan Lakey’s body has done a brilliant job of supporting IFAs who are not supportive of the RDR.”
Adviser Alliance founder and director Alan Lakey said AA exists because Aifa had been “a woeful opponent” of the RDR.
Regulatory Legal Solicitors partner Gareth Fatchett said he was “appalled” at Aifa’s lobby- ing over the FSCS Keydata levy.
Former IFA Association director general Garry Heath said: “I have kept out of the debate since 1999 but what is there to lose? Aifa should get some teeth or there should be a new body formed.”
An Aifa spokesman says: “Aifa delivered a robust and detailed argument to the FSCS on behalf of members in a series of briefings and correspondence.
“The legal judgment on the judicial review in fact highligh-ted the level of interaction Aifa had on the Keydata issue on behalf of members. Our work on the FSCS continues, as shown by our recent activity to push FSA to issue an open letter to firms on tariff levy data.”