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The issue over the closure of Fimbra

A news article noted the Fimbra AGM and that Brian Cochrane and others had called for a poll (Money Marketing, December 18) but without giving any indication of the issues at stake. As such, I feel that you did most IFAs a disservice.

It is now over three years since the PIA was established and the vast majority of firms previously regulated by Fimbra are now members of the PIA but are still members of Fimbra. There are some 40 firms which continue to be regulated by Fimbra.

Along with most IFAs, I am sure, I was surprised to find out that Fimbra still existed and I find it even harder to work out why some firms have not been admitted into the PIA.

Most IFAs would like to be seen as members of a well-respected profession and it seems to me that matters such as the dissolution of Fimbra are vital to that. If we wish to be respected as a profession then we must behave in a professional manner.

Do you suppose that Howard Davies and others at the FSA would view us favourably when we cannot even agree on the rapid closure of a regulator that is well past its sell-by date? It certainly will not help the representation that the PIA small business practitioners&#39 panel, of which

I am a member, is currently making to the FSA. It is essential that we work together.

The poll on the special resolution put to the Fimbra AGM takes place on Thursday, January 22. All Fimbra members need to give their proxy to the chairman, Sir Kenneth Clucas, and to get it back to him in good time.

Julian Fitter

Julian Fitter




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