AMI to undergo strategic review
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The Association of Independent Financial Advisers along with the Association of Mortgage Intermediaries is to undergo a strategic review.
The review will also encapsulate the Association of Finance Brokers.
Stephen Gay, the new director-general of AIFA, AMI and AFB, called for the review just days into his job.
Gay says the review aims to appraise and set objectives for all three organisations, defining their purpose and also their value to members.
The review will look at what the organisations stand for, their fees and proposition.
He says merging all the trade bodies or just two is not something he has specifically considered, but he says it would be strange if feedback from the review did not raise questions about the structure of the organisations.
Gay says: “I don’t think there is anything wrong with the way the trade bodies function at the moment, but I’m not going to assume that and take it for granted.”
The review, which will take around three months, will be led by Gay with support from the executive team.
Gay says: “AIFA has done a great deal under the leadership of Chris Cummings to influence the shape of the future regulatory landscape and to deliver services that assist members in the operation of their businesses.
“This is now an opportune time to review the organization, its vision and direction of travel. We must establish what we do for whom, what it costs, how we add value. and who funds the organisation.”
He says with the changing economic, demographic and regulatory landscape and with the European agenda coming to the fore, it is important he takes some time to appraise the trade bodies roles and what they do for their members.
He adds: “We need to set out a vision for the future.”
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Readers' comments (3)
Swanny | 8 Dec 2010 9:15 am
Looks like some others are worried about their jobs.
To late as far as I'm concerned.
They forgot who they were suppose to represent and got caught caught up in politics rather than issues that effect advisers directly.
Personally we need a whole new organisation run by advisers for advisers.
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A Has Been | 8 Dec 2010 10:20 am
Don't see how you can give financial advice without giving mortgage advice...or how you can give mortgage advice without giving financial advice. Too many people riding the gravy time, time to get back to the pre bubble days!!
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Ken Wilson | 8 Dec 2010 12:26 pm
I'd say it's like bolting the stable door after the horses (in this case mortgage advisers)have gone.
Why O Why do we have someone like Gay saying “This is now an opportune time to review the organization, its vision and direction of travel. We must establish what we do for whom, what it costs, how we add value. and who funds the organisation.” when it's patently obvious to the not so clever people that this is going to be just another whitewash and guess who winds up paying for it, that's right you guessed it - US who pay their salaries.
Swanny's right a whole new organisation run by advisers for advisers, let's get back to the basics, something I learnt 37 years ago. It wasn't the advisers then - it was the insurance companies and banks who were pulling the strings and even then they were lying and cheating which resulted in endowment and pension frauds that came to light in the nineties.
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