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Board member upset at 10% turnout for merger vote

Board member upset at 10% turnout for merger vote

A member of the IFP’s board has expressed disappointment at turnout being so low in the body’s key vote over its merger with Cisi.

Richard Allum, managing director of Oxfordshire-based The Paraplanners, was speaking after the IFP board voted in favour of the merger, which will take effect from 1 November.

At the time of the merger, Mr Allum said: “Only 10 per cent or so of the membership engaged in the consultation process. I am upset that we had such a small turnout.”

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The IFP currently has 2,170 members and, of those, 218 people took part in the four-week consultation that started in August. Of the people who did take part, 154 were in favour, 28 expressed no preference and 36 were opposed.

Rebecca Taylor, the IFP’s president at the time of the vote, said 10 per cent is the sort of turnout many member organisations receive during consultations.

Ms Taylor said: “As a board you have been so deeply involved in the merger that you assume everyone has the same level of involvement and wants to have their say. While everybody would like every member to have a view, I think that’s an unrealistic expectation.

“People elect a board and put them in a position of trust, and a lot of people didn’t officially respond but did have a conversation with us.”

As part of the merger, Cisi would become the UK affiliate of the Denver-based international Financial Planning Standards Board, which manages the certified financial planner certification across the globe.

After the merger, Cisi and IFP will launch a level four certificate in financial planning, which would fit into the IFP’s existing qualification, which is a level six.

The merger will become effective from 1 November, which is when the IFP will move to the Cisi’s headquarters in the City of London.

With regards to the IFP’s staff, a consultation process is ongoing and all staff have been offered a role in London.

A spokesman for the IFP said it is now a matter for each individual member of staff at the trade body to decide whether they want to move from Bristol to the capital.

Background

The merger between the IFP and Cisi was announced in August with the launch of a four-week consultation.

Last month, the IFP board voted in favour of the merger, which will take effect from 1 November.

As part of the merger the IFP’s interim chief executive Steve Gazzard will stand down along with Nick Cann, the chief executive who has been on long-term sick leave.