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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 last week for 11 other professional and trade bodies. 

They comprised: the Association of British Insurers, the Association of Mortgage Intermediaries, Apfa, the Chartered Institute for Securities & Investment, the Council of Mortgage Lenders, IFA Centre, the 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’s consumer confidence campaign.

Keith Richards

The trade bodies hope the initiative will make them more effective and prevent duplication.

The group also discussed consumer expectations and needs, the savings gap and the unintended consequences of regulation for the industry and consumers. The parties 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 among the group to be more united is encouraging and can only lead to better outcomes for all.”

Essential IFA managing director Peter Herd says: “This is a good idea as anything that adds to clients’ education on financial matters is positive. 

“Financial Planning Week probably does need a boost and it would be good to see more people being nudged towards using advisers.”


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