Launched by director general Mark Ommanney at this year’s LIA conference in London, the document, entitled “Building on Tradition: Restoring Confidence”, sets out the five year plan in more detail, with particular emphasis on the standard setting and continuous professional development that will be essential to the change.
Warning of the challenges in delivering the programme, Ommanney told members that the Association does not have the option of standing still. “Standing still is actually going backwards and with the pace of change that we have witnessed over the past few years, we would end up going backwards very rapidly.
“Good, ethical, honest, knowledgeable advisers are keen to show the public and the media their value. Indeed good advice is good business. Advisers want to be recognised as professionals and their association should do everything to promote this.”
The Manifesto also contains a statement from the LIA Board, emphasising its unanimous support for the proposals. “We are behaving absolutely consistently with our traditions and values, while also addressing the challenges of today’s market,” it says.
Laying out the association’s plans in more detail, the manifesto discusses the establishment of a new governance structure, new entry requirements, different categories of membership, obligatory continuing professional development, good practice guidelines and complaints and disciplinary procedures. Drafting has already begun on these and proposals will be put to members in 2005 and 2006.
Regarding entry requirements, the LIA hopes to be able to rely largely on existing regulatory and compliance processes, which would mean entry usually involving a series of disclosures, rather than a reassessment.
The timeline for the remainder of 2004 also covers the creation of the new post of LIA Chairman and the introduction of co-opted members to the board, with skills in particular areas, such as education and mortgages.
Building on Tradition: Restoring Confidence is available on the LIA website www.lia.co.uk
