The Association of Independent Financial Advisers (AIFA) is change its name to the Association of Professional Financial Advisers (APFA).
This follows the review of the organisation’s strategic direction last year ahead of the new regulatory rules being introduced by the Retail Distribution Review (RDR).
Following this review the Council set out a vision to represent the interests of financial advisers who will be restricted or independent, as announced in July 2011.
Members of the Association are being informed of the proposed change to the organisation. The change will then be put to a vote at the Annual General Meeting of the Association on 13 November.
“It’s critical that we respond to the changing advice and regulatory landscape, and also to the needs and priorities of our members,” said John Gummer, Lord Deben, chairman of AIFA.
“The new structure will enable firms to continue to be eligible as members, despite the rule changes placed upon their businesses by the regulator.
“As previously announced, we will represent all professional financial advisers that put the interests of their clients first – being on the side of the customer to get a better outcome for the customer. Many advisers will continue to use the Independent label that is well recognised and valued by consumers. However, we also expect many firms to opt for a Restricted proposition. It is right that we continue to represent the interests of all these professional advisers.”
Chris Hannant, policy director at AIFA, added: “Like the industry as a whole, the Association has been through a period of change in recent years. During this period we have continued to work closely with members to help them make the transition to the post RDR environment.
“Thousands of advisers have benefitted from our FFWD Academy, while the new case study based Diploma we launched with CIOBS has helped experienced advisers to meet the new qualification levels. We will also continue to campaign on key regulatory issues, including fair liability for advisers, a fairer way to fund the compensation scheme and the overall rising cost of regulation and regulators.
“This change of name reflects our continuing commitment to the principle that professional advisers should act for the benefit of their clients. This is the principle we will continue to champion with government, regulators and consumers.”
