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Timing of Davies&#39 departure a pity says Aifa

The timing of FSA chairman Howard Davies&#39 resignation is a pity as recent actions have demonstrated he has begun to listen to IFAs according to Aifa.

This change in attitude is evident in the decision to drop the Defined Payment system in favour of the menu-based system for the remuneration of IFAs it says.

Aifa director general Paul Smee predicts the roles of chairman and chief executive, both currently occupied by Davies, will be split and with one going to an internal candidate and the other to an external replacement.

Smee says: “He was given an impossible task and he has done it pretty well. I think it is a pity he is moving on at a time when his actions demonstrate more of a willingness to listen to small businessmen.”

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