The Association of Independent Financial Advisers (AIFA) hosted its first 'Leaders of the Industry' lunch in London today (13 September 2005). AIFA is inviting the industry's leaders to a series of occasional lunches in order to engage them in discussions about issues affecting the sector.
At the first lunch, Stephen Bland, the FSA's Director of Small Firms, spoke to the industry audience about the regulator's TCF initiative.
Highlighting what he sees as the sometimes contradictory comments regarding TCF, including; 'TCF is unnecessary', 'TCF is ill-defined', 'TCF absolves customers of their responsibilities', 'TCF is product regulation by the back door', Bland set about dispelling these myths one by one, before outlining to advisers what he sees as the benefits of implementing TCF.
Bland also pointed out what he sees as the possible long term down falls if the industry fails to take this initiative seriously.
In summation Bland said, "TCF has been subject to a number of criticisms; I believe these to be unfounded. On the contrary, I believe it offers a number of benefits for you and your businesses. In particular, we consider TCF to be an integral part of maintaining consumer confidence in the financial services industry. If consumer confidence is not maintained and indeed restored then while the industry will still be here in 10 years, consumer numbers will be lower than they should be and complaints will be higher than they should be. That is not a world that any of us want to be part of. The alternative, a flourishing financial services industry with many more satisfied customers and many more opportunities for you, is far more attractive for us all. And I urge you to take personal responsibility for making sure your firm is well-positioned."
Commenting on AIFA's first 'Leaders of the Industry' lunch, Chris Cummings, AIFA's Director General, said, "Our members look to us to keep them up-to-date with issues affecting their businesses. The FSA's Treating Customers Fairly initiative is at the top of the regulator's agenda and affects the sector at every level. It is important that the industry is given the opportunity to hear at first hand about the FSA's plans and is able to question the regulator about them.
"AIFA's dialogue with its members must be a two-way process and our new 'Leaders of the Industry' lunches will help us meet and engage with the industry on a more regular basis. We need to ensure that we are in touch with our members key concerns and tackling the right issues on their behalf."
Neil Pointon, Chief Executive, of PYV Ltd, PI broker to the industry and sponsors of AIFA's first 'Leaders of the Industry' lunch, said, "PYV is delighted to support AIFA's steps towards increasing understanding of the regulatory environment and the impact it has on IFA firms."
