Mr Hannant, who was elevated to the top job at Apfa last week, after a year and a half as policy director, said: “It is all about building on the platform we have now got, and raising the profile of the profession.
“We are determined to secure a better deal for advisers, in what is a tough economic and regulatory landscape. This includes getting a regulatory dividend back for advisers, and renewing our calls for a long-stop.
“The association has had difficulties in the past, but we are now moving in the right direction and thinking about the future.” He said that regulatory costs, both direct and indirect, need to be reduced, as the sector is less risky and much smaller post-RDR, and Apfa was committed to lobbying for this.
Mr Hannant added: “If the regulator is serious about an adequate supply of advisers, it should think about making it easier to do business, especially in terms of streamlined reporting.”
He added that the association would push to increase its membership from current levels in the region of 70 per cent of the advisory community, and was working with the Financial Skills Partnership to promote the profession to young people.
Lord Deben, chairman of Apfa, said the time had been right to appoint a new director general, a position that had remained vacant since predecessor Stephen Gay stepped down last January.
Accounts lodged with Companies House state that Aifa paid out £205,000 in salaries and wages to directors in 2010, £137,310 in 2011, and £143,915 in 2012.
Lord Deben said: “Following our strategic review and rebrand, Apfa is moving out of the recent transitional phase with real confidence in our future. Mr Hannant’s work so far has demonstrated a thorough knowledge of the issues facing advisers and a commitment to the sector.”
Neil Liversidge, managing director of West Yorkshire-based West Riding Personal Financial Solutions, and member of the Apfa board, said: “This appointment is the perfect transition for Apfa. I have found Chris to be astute, and he understands adviser concerns.”
| Background |
- Apfa has undergone radical changes in the past two years. It reported a deficit of almost £200,000 in November 2011 after what former director general Stephen Gay described as a “challenging year” hampered by a loss of membership. - A further operating loss of £154,000 was announced for the 12 months to June 2012, with the collapse of Honister dealing a blow to the association in terms of membership and money owed. - A strategic review, instigated by Mr Gay, heralded a split with sister body the Association of Mortgage Intermediaries last February, whereupon Robert Sinclair became head of Ami. - The body then rebranded from the Association of Independent Financial Advisers to Apfa, to widen its scope and membership post-RDR to restricted advisers. |
| Timeline |
• 1989: Garry Heath becomes director general of the IFA Association after its foundation in 1987 • 1999: Change of name to the Association of IFAs • 2003: Association of Mortgage Intermediaries is founded • Nov 2011: Aifa reports large deficit, prompting restructure • Feb 2012: Aifa and AMI announce split • Sept 2012: Aifa rebranded as Apfa with a wider remit to include restricted advisers |
| Industry View |
| Garry Heath, former director general of the IFA Association, said: “I wish him well in a difficult job. It’s not easy when you have such a powerful regulator and so few tactics to make it see sense. It’s like being in a poker game and only being allowed to draw low cards. If Mr Hannant can co-ordinate his membership to support him, he will do well. It’s so important for the consumer that the IFA sector has a strong voice.” |
