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Apfa staff numbers fall after string of departures

The Association of Professional Financial Advisers is operating on a skeleton staff of eight after a string of departures in the past 18 months.

Its 2013 annual report and accounts, published on 4 November, showed an average monthly headcount of 11 people including directors, down from 14 in 2012.

However this does not account for staff who have left Apfa, and its former incarnation the Association of Independent Financial Advisers, since the beginning of last year.

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Stephen Gay resigned as director general in early 2012 to join the Association of British Insurers, a post which he has just left following a reshuffle.

Former director Rob Sinclair left to head up the Association of Mortgage Intermediaries when it split from Aifa in February 2012.

Chris Hannant was promoted from policy director for Aifa to director general of Apfa.

It is understood that one marketing executive was covering for an office manager who is on maternity leave.

Mr Hannant said: “We manage our resources to match our needs. We will be looking to strengthen our policy team as resources permit.”

The organisation had a total wage bill of £385,742, compared to £570,343 in 2012. Remuneration for directors, including pension contributions, fell from £167,905 in 2012 to £40,211 this year.

Accounts filed by Apfa to Companies House show the trade body saw its gross profit fall to £927,777 for the 12 months to the end of June, compared with £1.2m in 2012. However, as a result of reduced costs it turned a loss of £142,505 for 2012 to a profit of £117,337.

Ian Lowes, managing director of Newcastle upon Tyne-based Lowes Financial Management, said: “There is no longer one, strong voice that stands up for advisers’ rights. It is time we consolidated the various organisations.”

Meanwhile, Apfa has announced that Treasury select committee chairman Andrew Tyrie MP is to speak at its annual dinner on 27 November.