This is the culmination of the first phase in a five-year strategic plan to confirm the LIA’s position as a champion of professional practice amongst financial and mortgage advisers.
The Association’s officers and Board are proposing an overhaul of the organisation, which would see it redefined as a professional association, adopting positive solutions to the professional issues at the root of adviser standing and reputation.
The LIA is balloting members on a series of Board changes which will include:
- appointment of a Chairman with responsibility for overall strategic direction in addition to its member facing President;
- appointment of the senior executive team (the Director General, Head of Finance and Head of Public Affairs) as Directors;
- incorporation of new skills in the Board to ensure concentration on the range of needs of financial and mortgage advisers (independent or tied), above all their qualifications and conduct standards.
In addition, it is planned to progressively refocus the Association on a remit to set quality standards for all types of financial advice, including:
- new entry requirements;
- compulsory continuing professional development;
- good practice guidelines;
- a facility to accept and process complaints together with a disciplinary structure.
Mark Ommanney, who was appointed LIA Director General in January 2003, said: “Our industry is going through an unprecedented period of change but there is every sign that good financial advisers will have a sound future.
“It is a good time to review the LIA’s objectives and to focus the Association on the most relevant issues facing financial advisers today. We are already seeing a flight to quality in the sector, proving, as we have always known, that good advice is also good business.
“A structured approach to professional standards and qualifications will help our industry generate the trust and confidence which are essential to our continued strength.”
