The Association of IFAs has announced today that its sister body, the Association of Mortgage Intermediaries, is to become a separate, independent organisation.
Aifa said the move would ensure it can maintain focused representation of the mortgage community. Robert Sinclair, director of the trade body, will be leaving Aifa to head up the new organisation.
The Rt Hon John Gummer, Lord Deben, chairman of Aifa and Ami, said: “Ami has grown significantly over the past five years, but it has also grown up. It is now a position to stand on its own two feet and be financially autonomous.
“The Aifa Council and Ami Board feel now is the right time for it to set out in its own direction.”
Lord Deben claimed that Aifa is in a “strong position” following the changes it has made to the way the organisation is run.
He said: “Led by the hard work and commitment of the Aifa Council and the executive team, we remain in a position to deliver the single, strong and united voice for the advice profession.
“We will continue to negotiate the remaining outstanding aspects of the RDR, the new regulator, and deal with incoming European regulation. The changes will allow Aifa to focus solely on the interests of investment intermediaries.
He said that this “renewed commitment” was emphasised by the appointment of two new board members to the Aifa council: Wallace Dobbin, managing director corporate, from Intrinsic; and Keith Blacker, chairman, from protection and investments.
Lord Deben will remain as chairman of both organisations and will ensure a dialogue continues on industry issues of common interest.
Jim Reeve, chief executive at Positive Solutions and Aifa council member, said: “In the last few months I think Aifa has come a long way to determine what it is and what is of most value to those we represent.
“We are reflecting on the organisational structure but the resources and talents of the board mean that we have confidence in our plans for the coming months and that Aifa has the financial wherewithal to deliver a strong message on behalf of our members.”