“If some larger providers feel they are better placed to lobby directly, given their scale and influence, and the ABI represents all other providers, then that may be more beneficial for advisers.”
Huw Evans, director general of the ABI, which was founded in 1985 and has 250 members, said: “The ABI remains the one voice of our industry, with which both government and regulators will engage to progress their reforms.
“With the board’s support, we continue to adapt our organisation to meet the changing needs of our membership as their business models evolve.”
Other members have thrown their support behind the ABI. Paul Evans – chief executive of Axa UK and Ireland, and chairman of the ABI – said: “At a time when our markets are facing such significant change, the ABI has never been more relevant to its members, and continues to enjoy our full support.”
A statement for Aviva said: “We are pleased to be active members of the ABI and support the contribution it is making to some of the big national debates, like helping people save for retirement and protecting people and businesses.”
Eugen Neagu, financial planner at Surrey-based Montfort International, said: “There is a bit of a schism within the ABI with some of the members moving ahead of the game and some others being left behind, such as Aegon UK.
“RDR was an important change in the distributions of financial products, and as a result, three years on, the winners and losers have started to surface.”