The PFS has started merging databases to create a new membership register which, when complete, will give the definitive number of members in the new body. Work has also begun on PFS’ corporate identity and logos, re-branding of websites, regional structure and the first PFS conference, which is likely to be held on November 2005.
Members will be issued with membership cards and their new designations – derived from the National Qualifications framework - early next year. Designations will be as follows: CertPFS for members at FPC or equivalent level, DipPFS for those with three AFPC or equivalent passes, APFS for those with six such passes and FPFS for those with 10.
For legal reasons, members must return the form they have been sent with their notification of the merger result, in order to have voting rights in the new organisation. Only when they do this – and the memberships have been transferred – will they have full, rather than registered, member status.
Members will be able to inform the public they belong to the PFS once they have received their membership cards, which will be sent out early next year. They will have 12 months grace from January 2005 to amend stationery and other material.
The PFS was given the final go-ahead at SOFA’s EGM on October 15. LIA members had already voted in favour earlier that week.
PFS chairman Bob Bullivant said: “I am delighted that the intense debate over recent months has now led to a positive decision to create a single body out of the LIA and SOFA. The Personal Finance Society is a significant step-change for the sector and will establish a new standing for financial advisers.”
PFS chief executive Mark Ommanney said: “The Personal Finance Society is the outcome of a desire for unity shared by the vast majority of the sector. It is interesting to note that only 2.2 per cent of the combined SOFA and the LIA memberships actively objected to the merger. We therefore go forward with overwhelming support.”
