One of the founders of the old Association of IFAs has urged financial advisers to unite as HM Treasury begins looking into the sector’s regulation.
Barry Kayes, now chairman of Huddersfield-based Sandringham Financial Partners, said that the Financial Advice Market Review – launched in August and due to report back before the next Budget – represented an opportunity for financial advice to reach a “promised land”.
Urging unity among advisers, Mr Kayes said: “Let us unite towards this cause, and together blow up the paper mountain that has been the major obstacle to date in reaching the promised land of appropriate financial advice for all.”
Furthermore, he said financial advisers should be wary of being antagonistic towards the Treasury and the FCA. He said: “History is testament to the pitfalls of this approach, as the constant threat of the potentially costly judicial reviews has proved a very blunt negotiating weapon in the past.
“There is at last a glimmer of hope from the government in now recognising that the welfare state cannot meet the increasing financial needs of the UK population.”
In late 2013, IFA Centre, a trade body founded by Gill Cardy, closed due to lack of members. In May this year Garry Heath founded Libertatem as a body specifically for IFAs.
Simon Torry, chartered financial planner with Essex-based SRC Wealth Management, said: “Obviously Garry Heath is not happy with the direction in which Apfa is going, and he is a bit more forceful.
“A united approach would seem to be sensible, but if that means not all voices are being heard then Libertatem will be the result.”