View more on these topics

Towry Law quits Aifa in RDR row

Towry Law is tearing up its Aifa membership, saying it is fundamentally opposed to the organisation’s views on the future of the industry and can no longer support it.

In a scathing attack, chief executive Andrew Fisher brands Aifa as backward-looking and says the acronym should stand for “Amalgamation of Ignorant Flat-Earth Advocates”.

He attacks Aifa’s defence of commission and accuses the organisation of not encouraging or being committed to advisers gaining further qualifications.

Fisher says he believes Aifa members hope to earn more for doing less, with minimal qualifications or regulatory capital, and accuses them of “being committed to ignoring the obvious and maintaining the status quo”.

Towry Law has been an Aifa member since its formation in 1999, paying up to £20,000 in annual membership fees.

Fisher says: “It has now got to the point where we can no longer be members of Aifa and are going to resign from it. Everything I read from them is flying in the face of the RDR, asking why IFA firms should have to have sufficient capital to operate and asking if we really know that commission influences sales.”

Aifa director general Chris Cummings says: “I am always deeply saddened when any organisation leaves the only trade body that is representing the IFA community.”

Norwest Consultants principal Harry Katz says he believes Aifa has the support of the smaller adviser firms.

He says: “Aifa does an excellent job, I am a huge fan. They work hard trying to keep the legion of the independent financial adviser alive while facing a great uphill struggle. They seem to really get the small IFA, which does not sit well with big firms, especially those like Towry Law.”

Recommended

‘RDR should be more radical’

The retail distribution review should be more radical and aggressive, says Beachcroft Regulatory Consulting managing director Richard Hobbs.Speaking at a panel debate at Osney Media’s financial services distribution summit in London last week, Hobbs said public policy has not created a framework in which advisers can make money and the RDR presupposes that industry practitioners […]

Threesixty annual conference in Dublin to focus on the RDR

Threesixty has announced it is holding its inaugural national conference in Dublin on September 20 and 21, which will focus heavily on the Retail Distribution Review.The panel for the conference, which takes place at the CityWest Hotel in Saggart, will include representatives from the various RDR working parties, including the FSA. Other highlights include talks […]

CML stresses lenders are only facing funding issues not lending quality problems

In the light of Northern Rock’s move to get emergency funding from the Bank of England, the Council of Mortgage lenders has emphasised that the issue facing lenders is one of liquidity and funding, not lending quality.The FSA has said that Northern Rock is “solvent, exceeds its regulatory capital requirement, and has a good quality […]

Bulldog spirit

Henderson Rowe dogs of the FTSETM 100 fund manager Giles Rowe overcame a flying phobia and an extreme fear of heights to raise money for children’s charity Fly2Help.Rowe took to the cockpit of a Bulldog aerobatic plane for a day of aerial rolls, loop the loops and simulated dogfights at 10,000 feet over Kemble in […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment