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Sofa stands alone in bid to run new trade body

The Society of Financial Advisers is poised to run a new IFA trade body because it is the only organisation prepared to do so.

Sofa has tendered to provide services to the new body, which is spearheaded by the Large Intermediaries Group and the Large Networks Association and designed by Association of British Insurers director general Mark Boleat.

The proposed new body, which has not yet been named, is to be created to give one voice to IFAs because of widespread dissatisfaction with the current state of representation. It claims it will represent 80 per cent of IFAs. Offers to tender were made to every trade body in the financial services sector, including the Life Insurance Association and IFA Promotion.

But, according to sources, only Sofa, the IFA Association and Boleat himself tendered.

In its submission, the IFA Association said networks and nationals should join it instead of forming a new body. Boleat, however, says he is not interested in running the new outfit.

The successful tender, to run services such as technology and education, could expect about £1m a year from membership subscriptions. Life offices say they will help with start-up costs. An inside source confirms there are only three tenders for the new body.

Sofa chairman Robert Reid says: “We have made a submission but the contents are confidential.”


Jon King appointed manager of Hinton & Wild

Jon King has been appointed manager of Hinton & Wild, the Surrey-based IFA.The firm, which is based in Tolworth near Surbiton, is part of the Gloucester-based equity release specialist Ecclesiastical Insurance Group.King joined EIG in 1994 as National Broker Consultant for the financial services division.

Aon sponsors golf event for charity

Aon Consulting is sponsoring the London Sports Forum for Disabled People&#39s charity golf day in July.Last year the event raised more than £4,000 for LSF and the pensions IFA is hoping that this year&#39s event will raise the same amount.The event costs £99 to enter and all profits go to LSF.

FSA set to publish league tables

For the first time the Financial Services Authority is set to publish league tables detailing the effects of costs and charges on financial products.In a move outlined in today&#39s budget the Chancellor announced the plans which he believes will prevent future mis-selling within the financial services industry. The league tables will provide consumers with a […]

BAM promotes Ghiloni

Britannia Asset Management has promoted Francis Ghiloni to overall head of business development from his previous role covering collective investments.Steve Kenny, who was previously business development manager, becomes head of retail sales. Fiona Ross, who was also a business development manager, becomes Head of Segregated Funds.Micheala Gill, who has previously worked for Foreign & Colonial […]


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