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.”