View more on these topics

Taking the plunge

Aifa may have already dipped its toe into the muddy waters of depolarisation when it created the Association of Mortgage Intermediaries but now it is contemplating taking a head-first plunge.

The choice is about what extra firms Aifa will allow into its ranks and indeed what firms, if any, it may expell. The potential menu in various combinations includes independents and whole of market, hybrids which include multi-ties and pure multi-ties.

Aifa does not envisage allowing membership for single tied although the boundary may require definition.

To help concentrate minds, Aifa says keeping the organisation exclusively to independents and whole of market businesses will increase costs considerably for members.

So what is at stake? Well, beyond a name change, Aifa loses a great deal of the clarity of message if it no longer solely serves independents. IFAs may have to listen to DG Chris Cummings defending multi-ties on the airwaves and in the papers. But without at least some easing of the criteria, it will lose members and clout.

If it allows pure multi-ties, it could include Openwork, formerly the old Allied Dunbar franchise, which may rankle with some. Obviously, the FSA will want one body although the onus should be on the regulator, even one as arrogant as the FSA, to come to terms with how advisers decide to represent themselves not to dictate how they do so.

For the moment, Money Marketing will reserve judge-ment. We throw open our pages for a full and frank debate.

Recommended

Thinc Destini wants 300 more advisers

Thinc Destini is starting an aggressive recruitment drive for nearly 300 more advisers now that the FSA has given the merger the go-ahead. The combined group had around 650 advisers at mer- ger on July 11 and is aiming to take up to 14 advisers a month over the next two years. Just a day […]

70 per cent opt for cash CTFs

When offered the choice between cash and stakeholder Child Trust Fund accounts 70 per cent choose cash, according to the Building Societies Association.It says in June over 50,000 CTF accounts were opened by the eight providers of both options with 31,000 being cash CTFs.The BSA also says net receipts into cash CTF accounts were over […]

Proposed changes to enforcement follow widespread criticism

The FSA has finally bowed to industry pressure by recommending sweeping changes to its enforcement procedures. The proposals, which come in the wake of the Legal & General endowment debacle and criticism of the FSA by Prime Minister Tony Blair, are designed to remove bias and a perceived lack of fairness in the FSA’s enforcement […]

Axa recruits two fund analysts

Axa Investment Managers has appointed Keith Robinson and Stephanie Walsh as fund management analysts. Robinson spent three years at Isis and Walsh spent four years at Morley FM.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment