The restructuring begins with a ballot of its 20,000 members over the approval of plans to appoint a senior executive team as directors and a chairman responsible for strategic direction.
Director General of the LIA, Mark Ommanney, said the association would seek to set quality standards for all types of financial advice. Creating new entry requirements, introducing compulsory on-going professional development and implementing good practice guidelines would do this, said Ommanney, and create a facility to process complaints.
“A structured approach to professional standards and qualifications will help our industry generate the trust and confidence essential to our continued strength,” he commented.
He also hinted that the association could consider changing its name, to better reflect the wide range of financial advisors it represents.
Shaun Godfrey, managing director of Bankhall Point One welcomed the announcement saying anything that improved the public profile of IFAs would be good for the industry.
Commenting on the restructuring, Mark Mountney, managing director of Premier Mortgage management and deputy chairman of AMI, said: “It’s a very positive move. De-polarisation will accelerate the move towards financial advisors charging fees. The sooner intermediaries realise their advice is of real value, the sooner we will receive the same amount of professional respect as lawyers and accountants.”
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