View more on these topics

Quit Aifa to fight RDR, says Ferguson

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.”

Recommended

In praise of planning

Like most of the commentators in these pages, I tend to criticise, so for a change I want to celebrate. The excuse is the publication of The Process of Financial Planning, a Taxbriefs Guide I co-wrote with Danby Bloch. It aims to explain everything you need to do as a financial planner and the processes […]

Hutton to recommend move away from public sector DB

Lord John Hutton is expected to set out plans to strip public sector employees of their final-salary benefits when he reveals his blueprint for pension reform this week. The Independent Public Service Pensions Commission’s final report will be presented to Chancellor George Osborne on Thursday. It is expected to recommend all public sector employees are […]

2

Private equity firm acquires UK Wealth Management

Private equity firm Duke Street has acquired a majority interest in IFA UK Wealth Management for over £10m and is set to make a number of acquisitions. UKWM was previously known as Yorkshire Investment Group until its rebrand  in January which saw Lynn Coleman, who formerly ran Co-op’s IFA division, promoted from managing director to […]

Leader

David Pitt-Watson’s research paper comparing UK pensions with other European countries generated plenty of easy headlines last year, painting a picture of a bloated pensions industry intent on ripping off consumers with high charges. Combined with the BBC Panorama programme’s controversial pensions documentary, much of the media was sent into a frenzy, devouring the eye-watering […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

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

  1. totally agree Aifa have thrown in the towel to the FSA. They do nothing for IFAs and need to close down ASAP!

  2. One of the biggest issues has been the lack of grandfathering and on this issue (and others) AIFA has let the IFA community down.

    Remember that a high proportion of AIFA members are there as part of a block membership scheme sponsored by the Networks. As individuals they did not join AIFA. There is an argument that suggests that Networks have used this influence to represent Network interests rather than those of their members.

  3. So, what you’re heading for is a perceived “RDR Yes” camp (AIFA members) and a “No” camp (AA members – unfortunate acronym chaps!). It seems to me that third parties (FSA, TSC, etc) will then do no more than simpllistically look at the relative membership of both and say “Well, there are more yeses than nos so everything’s fine”.

  4. Rumour has it that delegations from AIFA visiting the FSA are sniggeringly referred to as the dickless men in suits.

Leave a comment