Association
of Independent Financial Advisers Company Information ( AIFA
)
About
The Association of Independent Financial Advisers Company (
AIFA )
Association of Independent Financial Advisers ( AIFA ) -
The voice for the IFA
AIFA
is the sole trade association for IFA's now representing around
70% of the market.
During
the debates on the post polarisation regime, they persuaded the
FSA to do a U-turn. The regulator changed its unworkable definition
of what constituted independent advice and adopted their proposal
instead. Their input will help many more IFAs remain in business
under the new regime. This is because AIFA’s proposal allows
IFAs to continue to receive commission whilst giving clients the
option to pay by fee if they prefer this method of payment.
In
2004 they are focussing on: influencing the direction of the remaining
consultations on the de-polarised regime; continuing to provide
input to alleviate the PI problem - which they persuaded the FSA
to place, and keep, at the top of its agenda; and tackling the admin
standards of product providers. They have just begun the latter
– with the valuable help of their members - by carrying out
an investigation into the operation of call centres.
And
AIFA Save You Money
In 2002, they negotiated a cross subsidy by providers - which remains
in place today - of 85% of IFAs’ compensation scheme costs;
and 20% of their FSA regulatory costs. These savings far outweigh
the cost of membership to AIFA!
As well as providing IFAs with a platform there are a number of
additional benefits members receive, including a newsflash service
which keeps you up-to-date with issues affecting your business and
a helpline for regulatory and technical queries.
AIFA
need you to help them represent IFAs effectively. You need them
to ensure that your views are heard.
They
hope that this introduction encourages you to give serious consideration
to joining their membership.
Austin
Friars House
2-6 Austin Friars
London
EC2N 2HD
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