Leading industry figures are drawing up plans for the launch of a new all-encompassing trade body for the advice sector that will aim to represent all forms of adviser from single-tied through to IFA.
Thinc Group chief executive Simon Chamberlain says he has been approached by a number of high-profile industry figures in recent weeks and the organisation could be operating as early as the middle of this year. Chamberlain says that representations have come from across the financial services industry spectrum, including current and former figures from bodies such as the Association of British Insurers, the FSA and the Chartered Insurance Institute.
He says there is a growing need for a single trade body to represent single-tied advisers, mortgage brokers, multi-ties, whole of market advisers, financial planners and IFAs. Chamberlain stresses he will not be running the as yet unnamed body himself but is involved in the discussions.
He says: “Talks are taking place and this trade body looks set to be up and running by the middle of the year. It will have the simple aim of representing anyone who gives advice with one voice rather than pushing singular agendas.”
Aifa director general Chris Cummings says: “We are proud to represent the professional advice community. Our members understand that we have significant influence at the FSA, the Treasury and in Brussels. The issues we deal with on a daily basis affect all intermediary business.”
Syndaxi Planning managing director Robert Reid says: “If Simon Chamberlain accepts that Aifa has struggled to represent all its members, then I am surprised that he thinks a single advice body would be more successful. But I think a gap in the trade body market does exist for somebody to represent fee-based advisers.”