There is a lot of about trade association and professional bodies’ small ‘p’ politics that pass a lot of advisers by.
But the extraordinary events at the CII and PFS do not fit that category. An array of past senior figures are currently seeking to frustrate the CII’s plans to absorb the PFS into the broader organisation and are now effectively demanding independence.
Around 40 financial advisers and counting have added their names to an ‘anti-CII’ proposal ahead of the body's annual general meeting (AGM) this week.
Former PFS presidents Robert Reid, Nick Bamford, Carole Nicholls, Grant Scott, Brian Steeples and Sharon Sutton launched www.thepfssolo.com to advocate for an alternative future for the PFS.
Earlier last week, the PFS board had voted down an attempt to deregister it as an independent entity
MPs on the Treasury select committee say that the LCF scandal must trigger shifts in leadership at the FCA, though the regulator will no doubt say that transformation is underway.
This is an interesting spot by FTAdviser and the IFAs they have spoken to. Advisers are hopeful that the new consumer duty could lead to action against exit fees which are mentioned in one line of the FCA’s documents outlining the plans.
The pandemic has reportedly encouraged 5.8 million people to consider life insurance but the question has to be asked will this really translate into sales?