A wake-up call

Claims over Aifa may not be the whole picture

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In your announcement of the appointment of Andrew Strange as the new policy director for Aifa, you quote a comment made by Philip Stevenson, director of ARK Financial Plannng, to the effect “Aifa need to be more active. They always seem to be responding rather than proactive. They always seem to be on the back foot.”

One wonders on which planet Mr Stevenson lives. In all my long business experience I do not think that any trade association, of whatever nature, can hold a candle to Aifa and its director general, Chris Cummings and his former deputy Fay Goddard, in the initiatives that they have taken on behalf of IFAs. He should just take a look at the incredible work they did, in the face of opposition from nearly every party in the industry, in getting the FSCS levy so dramatically reduced for IFAs and getting a greater burden transferred to product providers.

He also should note that the reversal of attitudes of both the FSA and the Treasury in their view of the importance of independent financial advice, and the necessity of ring fencing the terms “independence” and “advice” on behalf of IFAs since the early discussion documents, when it looked as though the IFA was a lost cause.

As a member of one of the working parties, who give feedback to Aifa, I can have nothing but praise for the rigorous and detailed research that they carry out on behalf of IFAs, thus giving them powerful arguments to counter many of the emotive and biased views being expressed by the powerful vested interests in this industry.

I suggest that Mr Stevenson just takes a close look at all the achievements that Aifa have gained for IFAs and continues to do so. It is not Aifa that is on the back foot but the vested and prejudiced “big boys” in our industry that are now on the back foot. Thanks to Mr Cummings and his excellent team at Aifa.

Stanley Lovell, group chairman, IN Partnership, Horsham, West Sussex



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