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Trade bodies unite to boost advice profession

Major financial services trade bodies have agreed to work more closely on campaigns such as financial planning week at their first industry workshop.

The inaugural meeting was hosted by the Personal Finance Society at its London offices for 11 other professional and trade bodies.

Those attending included the Association of British Insurers, the Association of Mortgage Intermediaries, Apfa, the Chartered Institute for Securities & Investment, the Council of Mortgage Lenders, IFA Centre, Institute of Financial Planning, the Investment Management Association, the Society of Mortgage Professionals, ifs University College and the Association of Investment Companies

The group agreed to boost current campaigns such as the IFP’s financial planning week, Apfa’s lobbying of local councils on the provision of long-term care and the PFS’ consumer confidence campaign.

The trade bodies hope it will make them more effective and stop duplication.

The meeting also discussed consumer expectations and needs, the savings gap and the unintended consequences of regulation for both the industry and consumers.

It also agreed to seek greater engagement with bodies such as the Money Advice Service. Future meetings are expected to include more trade bodies than the founding 12.

PFS chief executive Keith Richards says: “While each organisation involved will have different and sometimes opposing objectives, the willingness amongst the group to be more united is encouraging and can only lead to better outcomes for all.

“As a sector, we face a number of common challenges and opportunities, so it makes good sense to support each other wherever possible and better understand where potential conflict can be avoided.”

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