The announcement comes after the IFA association’s strategic review, headed up by new director general Stephen Gay.
So far the new name has not been agreed by AIFA members but AMI has confirmed it will have representation on the overarching body’s board – something it did not have before.
AMI is expected to keep its name.
The new body will extend its representation to include “some restricted advice advisers” which Gay said reflected the shift in the definition of independent due under the Retail Distribution Review.
The growing influence of Europe on regulation was also a factor influencing the shift, he said.
Gay said: “Independence has been a hallmark of AIFA to date but it is something that is not understood in the same way on the continent.
“We will cover some restricted advice as we are not in the business of expelling members as a result of regulatory rule changes.
“The most important thing is that our members offer choice for their clients and operate in their clients’ interests, not the interests of the provider or product manufacturer. Single-tied advisers will not be eligible to join.”
Gay said he intends to hire more people to work within both AMI and the body that replaces AIFA as a wider remit will require more resource.
AMI director Robert Sinclair is expected to stay in his current role, though Gay said there could be some internal movement of people and responsibilities.
The structure of the trade bodies will also change to become more collegiate.
There will be an elected board to govern the organisation which will have responsibility for governance issues across the IFA, intermediary and multi-tied adviser communities.
Underneath this AMI will have its own discrete and elected board responsible for influencing policy.
Gay said: “AIFA was set up 12 years ago in a much more simple environment. These changes reflect the growing complexity in the market and the need for AIFA to respond to that.
“During our consultation with members, regulators, former members and critics of AIFA, we found the desire for a more communicative and responsive trade body that could wield more influence and put forward a strong voice for the adviser community.
“AMI members were broadly comfortable with the way AMI operates and they felt the community was more cohesive. It’s important to us that we demonstrate these changes won’t compromise this.”
Sinclair added: “Hopefully the changes at AIFA level will have little impact on AMI members. We will still have our own board elected on a similar basis to now.
“Indeed we may have access to more resource soon rather than less and we’ll have more direct representation for mortgage intermediaries on the higher level governing board.”
The changes are expected to be implemented over the next 18 months.
