At the Meeting, a considerable majority of members supported the proposed changes, which represent the second 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’s next task is to fill the newly created role of Chairman. The position will combine a facilitator role, to assist with the strategic direction of the Board, with an ambassadorial role, intended to increase the LIA’s profile and influence in the wider financial and business community. The newly appointed Chairman will work alongside the LIA President, who will continue to fulfil the traditional member-facing role carried out by all Presidents since the creation of the LIA.
The other Board changes include:
- 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 and a facility to accept and process complaints together with a disciplinary structure.
LIA Director General Mark Ommanney said: “We are delighted to have such resounding support for these changes. Since we first announced the plans earlier this month, we have been hugely encouraged by the support we have received both from our members and from the wider financial community. We take enormous heart from our members’ appetite to take the Association on to this exciting next stage in its evolution.
”We now begin a wide search for our new Chairman. We believe that it offers an exciting and potentially very fulfilling challenge and we are sure that we will be talking to a wide range of very high calibre candidates.”
