IFA Centre welcomes new firms
Gill Cardy’s IFA Centre has continued to expand with the addition of six firms in August alone, a sign that the independent-only trade body is starting to gain real traction in the industry.
Ms Cardy, who established IFA Centre in January this year, said the surge in membership was due to the publicity the trade body received on its response to the FSA’s consultation paper on establishing a consumer redress scheme for people who were mis-sold Arch Cru investments.
She said: “Growth is continuing as more firms recognise the work that IFA Centre is undertaking on their behalf. We want to see continued growth in members.
“The subscription income will fund our work on behalf of members and the strength and value of our representation will grow as the membership grows.”
Buckinghamshire-based HCF Partnership was one of the new firms to join IFA Centre last month.
Director Andrew Gibson said: “Considering the number of IFAs, it is high time we spoke with one voice and held the FSA responsible for its actions.
“Independent advice is important and we have joined to try to ensure that the FSA’s approach to regulating IFAs is proportionate, fair and not so costly that it drives firms out of business. We need a sea change in the regulator’s attitude and IFA Centre is well-placed to bring about meaningful dialogue.”
Nick Maynard, director of WSW Financial Planning in Hurst Green, another new joiner, said his firm’s decision to join came after another firm in the area joined earlier in the year.
He said: “We undertake pension transfer work for a number of IFA firms and when we heard about IFA Centre we recognised that independent advisers need a strong and effective voice which has the backing of as many firms as possible.”
IFA Centre now has 42 IFA firms in membership, representing 115 individual advisers.