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‘We had no option,’ says Katz

Aifa council member Harry Katz says the trade body had no option but to broaden its membership criteria as its current structure is no longer financially sustainable.

Katz, principal at Norwest Consultants, says Aifa needs resources to lobby. He says: “There are plenty of small IFAs that subscribe to Aifa but I do not think they are enough to allow Aifa to survive in its current format.”

He says the decision to allow restricted, but not single-tied, advisers to join is the compromise that takes into account the changing regulatory environment. Katz says: “I do not like this as an ideal solution but we have got to be pragmatic. If I could think of a better route to where we need to go, I would have suggested it. Sometimes, if you do not have an alternative, you have to just swallow the cod liver oil.

“The important thing is people recognise Aifa has something to offer and they need to put their hands in their pockets because if they do not, this is a waste of time.”

Fellow Aifa council member and West Riding Personal Fiancial Solutions managing director Neil Liversidge says: “If we were to work to the FSA’s definition of independence, we would be letting the regulator decide who can be an Aifa member. We have come up with a more realistic definition of our own.”


S&P downgrades Greece by two notches

Standard & Poor’s has downgraded Greece’s debt rating from CCC to CC, a move which places the country just two notches above default. The ratings agency has also moved its outlook on Greece to negative, citing the restructuring plan as a selective default. S&P says: “The proposed restructuring of Greek government debt would amount to […]


PosSol cuts 20% of head office jobs

Positive Solutions is cutting almost a fifth of its 122-strong head office workforce in a bid to reduce costs. Staff were notified that 24 jobs will be cut last week but an announcement about which roles will be affected is not expected until early August. In the first quarter, the Aegon-owned business, along with Origen, […]


Treasury boost for with-profits annuities

Savers with guaranteed with-profits annuities have received a boost after the Treasury increased the amount of income that will count towards the minimum income requirement for flexible drawdown. Rules outlined by the Government in December mean that investors must be able to demonstrate they have secure pension income of £20,000 to qualify for flexible drawdown. […]

Key themes for 2017

Capital Market Notes, December 2016 Dave Lafferty, chief market strategist at Natixis Global Asset Management, assesses the accuracy of his 2016 outlook and provides his thoughts and outlook for 2017. Click here to read the full article


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