Your IndustryOct 1 2014

Apfa gains national IFA member in Towry

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National advisory firm Towry has become a member of the Association of Professional Financial Advisers.

John Porteous, head of client proposition at Towry, said the wealth manager had decided to join the trade body because it plays “an important role in supporting the financial advice profession”.

He said: “We look forward to working with Chris Hannant, director general of Apfa, and his team to play an active part in developing our profession during these important times for our industry.”

According to data from Apfa, 40 per cent of investment and protection products in the UK are sold through financial advisers, with revenue estimated at £3.8bn a year. This is broken down into £2.2bn from investment business, £1.2bn from general insurance and £400m from mortgages.

Background

Towry’s membership of Apfa came just two months after Alan Lakey left the trade body’s council because of “frustration at a lack of concrete action.” Mr Lakey joined the council in December 2012 but said he had not achieved what he intended. He said: “Part of my frustration is when people want to talk about what would they like to do and they go and sit around and talk. There comes a point where you say, ‘Enough is enough’.”