AMI opens doors to new IFA body
Robert Sinclair, chief executive of AMI, said: “It is AMI’s policy to work constructively with government, regulators, other trade bodies and consumer representatives. Our doors are always open.”
However he warned that another voice in the financial advice sector could be problematic.
He said: “Whilst we are uncertain as to the benefits of another voice, it will be for the investment advice community to decide who they want as their spokesperson.”
Heath, former director general of The IFA Association set up Libertatum for financial advisers, planners and wealth managers across the UK and aims to represent 20% of IFA firms in its first year.
Heath said: “We do not seek to compete with AMI but would be happy to work with them if they want. I hope to develop new relationships with all the groups like AMI.”
Libertatum will be up against long standing IFA trade body the Association of Professional Financial Advisers – formerly the Association of Independent Financial Advisers – a body that AMI chose to split from in February 2012.
Chris Hannant, director general of APFA, said: “I think that any professional industry is better having a single united voice because the government, regulator, whoever we are lobbying don’t want to hear from a squabbling array of people.
“Establishing another voice is a retrograde step for the industry. We will carry on representing our members and advisers in general.”
In December 2013 another adviser organisation IFA Centre revealed it had abandoned plans to be a representative trade body aspirations after being unable to raise sufficient funds from its members.
IFA Centre managing director said at the time it had been established because independent advisers were unhappy about APFA’s decision to include restricted advisers in its membership in 2011.