APFA celebrates its 15th anniversary
04 September 2014
Series of reports looking at future of advice profession
This month marks the 15th anniversary of the formation of the Association of Professional Financial Advisers (APFA), formerly AIFA. To mark the milestone, APFA is releasing a series of reports over the coming weeks looking at what the future holds for the advice profession. The reports will feature contributions from leading figures across the sector on topics including the future of regulation, changing consumer habits and the role of technology in delivering advice.
The Rt Hon. Lord Deben, John Gummer, Chairman of APFA, commented:
“Over the last 15 years, AIFA and now APFA has worked tirelessly to ensure a better deal for financial advisers. We have strived to ensure fair and proportionate regulation, and succeeded in lightening the burden for advisers in a number of ways. We’ve taken bold steps, not least in re-shaping our organisation in the face of regulatory change to ensure a constant and potent voice for the profession.
“All this has been achieved during an unprecedented period of change for the industry. We’ve seen the introduction of stakeholder pensions, depolarisation, the implementation of RDR and the establishment of first the FSA, then the FCA and PRA, as well as the most challenging economic conditions for a generation. In that time the advice community has grown in stature and professionalism, and I think we should be proud to say that professional financial advice is recognised by the government as a part of the solution to major policy challenges such as pensions reform and long-term care.”
Chris Hannant, Director General of APFA, said:
“This is a landmark moment for APFA, and these reports mark that by considering what the next 15 years will hold for the advice profession. They will explore a number of critical issues including the environment advisers work in, how products will develop, and what we want to see from the regulator in the years to come.
“Reaching this point has only been possible with the loyal support of our members, and for that we thank them. We now want to work with them to ensure we continue to represent the profession with one united voice. APFA also want to ensure that the industry continues to evolve and adapt to make the most of the changes we are seeing in products, use of technology, demographics and the regulatory landscape.”
Roger Sanders OBE, the first IFA member and a former deputy chairman, commented:
“15 years on, much has changed but much has also remained the same; over-costly and disproportionate regulation being the common theme throughout. AIFA, now APFA, has more than realised its original goals and has constantly adapted to support advisers coping with new and demanding market conditions. It has been an exemplary representative body whose success was the catalyst for the creation of the AMI in 2003 and the AFB in 2005. Advisers have benefited in a major way from APFA’s successful lobbying and the quality of its regulatory and political dialogue, and I applaud past and present employees for their dedication and commitment.”
Graham Shields, Director at ABS Financial Planning and one of APFA’s newest members, commented:
“We are a small IFA firm that has been trading for over 20 years. Following RDR and the emergence of an advice gap for a number of our clients, we saw that IFAs needed to increase their engagement with the FCA and felt that the collective voice of APFA is the best way to do this given its past achievements.”
The first report, looking at changing demographics and consumer habits and supported by M&G, will be published shortly. The subsequent reports will consider the political and economic environment; regulation; adviser businesses; the products and technology. These have been supported by Zurich, Cofunds, Royal London, Fidelity, FundsNetwork and LV=, and will be released throughout September and October, culminating in APFA’s annual gala dinner which takes place on Tuesday 18 November.
