Trade bodies to operate as standalone organisations
The Association of Independent Financial Advisers (AIFA) is to separate from sister body, the Association of Mortgage Intermediaries (AMI), in order to focus solely on the interest of investment intermediaries.
AMI will now be a standalone organisation headed up by director Robert Sinclair and Lord Deben will remain as chairman of both organisations.
The two deputy chairmen, Pat Bunton from London & Country, and Stephen Smith from Legal & General Network, will also carry on in their roles.
The current AMI constitution will continue although the existing AMI board will transfer across to the newly independent organisation as part of the shake-up. Policy work, carried out by Alex Revell, will also transfer. In addition, AMI will support the requirements of the Association of Finance Brokers.
The changes also mean that Wallace Dobbin, managing director corporate at Intrinsic, and Keith Blacker, chairman of Protection & Investments Ltd, have been appointed as board directors to the AIFA Council.
AMI said the shake-up has been made to ensure the industry is ready for the changes which the Mortgage Market Review and the European Mortgage Directive will bring.
AIFA, meanwhile, said it would continue to negotiate the remaining outstanding aspects of the Retail Distribution Review, the new regulator, and deal with incoming European regulation.