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IFA Centre To Review Its Plans

IFA Centre has announced that, following the promised 2 year review of operations, it will continue to operate as a not-for-profit membership organisation providing resources, events and other benefits to member firms, but that sadly it can no longer continue its representative function. 

Gill will shortly be taking up a full time position as Network Development Director with ValidPath, a small Independent network specialising in supporting accountancy IFAs and she intends to continue to share resources with and create events for those firms who decide to continue to subscribe to IFA Centre.

IFA Centre was launched in September 2011 as a not-for-profit membership organisation, with the objective of representing and supporting Independent financial advice firms at a time when every other organisation with a similar mandate opened their doors to Restricted advisers following implementation of the Retail Distribution Review. IFA Centre was solely funded by member subscriptions to ensure its independence from the influence of product providers. Its membership is currently 102 firms representing 238 individuals.   

Gill Cardy, Managing Director of IFA Centre said : “After over 2 years of personal and financial commitment, IFA Centre’s membership does not provide the financial resources for my full time commitment to protecting advisers’ interests – let alone the resources to provide research, policy development and a member events programme.  [And], irrespective of our funding, with so few firms prepared to stand together to improve how our businesses are regulated, I simply do not have enough members to provide the decisive mandate needed to provide the representation that Independent advisers so badly need.” 

Over the last two years IFA Centre organised events across the country helping members with Independence, adviser charging, investment propositions, RMAR requirements, and other subjects including ETFs and VAT.  Gill has relentlessly fought to ensure that Capita is held to account for its failings with respect to the Arch cru funds, even co-ordinating an MPs briefing in Westminster and securing MP support for an Early Day Motion to set out concerns on this particular regulatory failure.  

She continues to fight to ensure that small IFAs are not made to pay for product provider failings and has regularly engaged with the FCA and FSCS on matters of concern to IFA firms.  Gill has also spoken at a range of awards ceremonies, networking events and thought leadership conferences where her views on Independence and other issues affecting the IFA community are much in demand.

Any members who choose to cancel their membership will have any overpaid subscriptions refunded.  

Header Image Credit : Ken Teegardin

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