IFA Centre ‘only’ body just for independent advisers

IFA Centre’s Gill Cardy has said her organisation is the only trade body which represents independent financial advisers exclusively.

The call from the trade body’s managing director (pictured) comes after Solicitors Independent Financial Advice (Sifa) changed its name to Supporting Impartial Financial Advice.

The change came after it expanded its membership criteria to allow restricted advisers to become members in the wake of the RDR, which came into force this week.

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Furthermore, the Association for Independent Advisers also changed its name to the Association for Professional Advisers in November last year as it will now represent restricted and independent advisers.

Ms Cardy has written to her members as a result of the change by Sifa suggesting IFA Centre is now the “only” trade body solely for independent advisers.

“We are all professional financial advisers and being professional is not the characteristic that sets us apart from ‘the rest of the world’ but being independent that sets us apart,” she said.

“IFA Centre is now, without any shadow of doubt, the only trade association representing and supporting only independent financial advice firms and independent financial advisers.”

Ms Cardy added when clients were selecting which advice to take, there would be only two words which would differentiate the advice that clients receive - independent or restricted.

“It is a binary choice not 50 Shades of Grey,” she added.

“Restricted whole of market means nothing in regulatory terms. It is restricted advice.

“And independent means independent. IFA Centre is not agnostic. I am not and my members are not.”

Ms Cardy said IFA Centre would not change its position “now or at any point in the future”.