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Chris Cummings, the outgoing director general of AIFA, has lauded replacement Stephen Gay as a 'man of integrity' and says his recent past as an Aviva director does not matter.
Cummings is one of several advisers and industry stakeholders who have voiced an opinion on Friday's appointment.
I wasn't involved in the recruitment. There is far more to Stephen Gay than a product provider employee. He has 20 years experience in the industry, including as a broker consultant on the front line. He has a firm grasp of the issues facing IFAs, which is so important because the director general must be taken seriously at all levels of industry and government in the UK and Europe.
It must also be someone who can get the trust of people in the industry. He will focus on that. Stephen is a man of integrity. He has also been dealing with IFAs for many years. It is important IFAs test his metal but I am sure he wont disappoint them. And it was important we brought fresh blood into AIFA.
My advice to Stephen would be: Members first, whatever and whenever, its all about protecting members' interests. Never defend the indefensible. Align yourself with the long term interests of the clients because it will always stand you in good stead to act in the members best interests."
"I did not know he was applying. I hope he makes a good director general but I have no idea of his capabilities. He has an extremely difficult job ahead. It is a bit like a general entering a battle after losing six or seven battles and then facing the final battle over the next 18 months. Last year, he said the regulator has failed to consider the danger of adviser charging limiting access to advice for those on lower incomes and I hope he stands by those comments."
"Stephen has got a very strong background in distribution and he has also been involved in public policy work so overall this is not an unreasonable appointment. He is a safe pair of hands and this is not a controversial appointment."
"I know Stephen well; I worked with him at the PFF. He is a very capable guy. He has a good understanding of the IFA sector and a lot of experience. It is a good appointment."
"I do not know who Stephen is, but I would offer him my best wishes and say good luck. I am a little surprised the role has gone to somebody linked so much with large insurance companies and I just hope he has an understanding of the true difficulties distributors face."
"It's a bit of a surprise, particularly as he has no direct IFA experience. You would have expected someone who knows the sector better. He's know to be quite pro-RDR. It strikes a bit of a wrong tone."
"I think the man has the right skill set to do the job. He can bring his knowledge from the provider world to the IFA world. If you just stick to the IFA world you become polarised."
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If Chris says he is OK..
... that is good enough for me. But is it all a waste of time? How does his stance on the RDR square with the very real opposition to most of the things it stands for? Should he change his name to Custer? Those of us who have been at the sharp end of regulatory arbitrage for 25 years will wonder what the future holds for the 'I' in AIFA.
Posted by: Evan Owen
What we really need to know is..
Many IFAs perceive they are fighting for their livelihoods and the continued ability to provide for their clients with the kind of service they have been doing over the last 20-30 years. What is needed is not a diplomat, seen many of those come and go have we not, but someone with experience at the front who has the drive, not because it's another role or stepping stone, but because they are passionate about IFAs as the top tier of customer advocate. We need a Churchill not a Chamberlain to represent us. Has Mr Gay IFA experience ? ... can I pretend to know what it's like to live on the front line just because I’ve watched a film about it ..I don’t believe one can ? In fact, given this is an IFA Assoc please let us see the full IFA CV of the AIFA senior staff. Please let us see the mandate that AIFA is now going to work on.. what are the main issues and what are the desired outcomes, from AIFAs viewpoint now ?
Posted by: Another viewpoint
Be of Stout Heart
Well reading through this lot is a tad depressing. I'm as cynical as the next man (woman) - often more so. But what a lot a defeatism - and on the anniversary of the start of the Blitz! Custer! No achievements! Come on, where have you been! The menu (better than what was proposed) Our FSA Fees - they are being looked at – The PI issue, and a whole host of other achievements, some quite small others not that well publicised, but all steps in the right direction. Sure we all want nirvana, but if you are being practical and realistic you have to settle for slow and steady progress and accept that you may not get everything you want. That is another area in which AIFA shows its worth – showing us how to manage and cope with those parts we might not be too keen on! Custer no – McArthur – perhaps – “We shall return!” If all does go well just consider one thing - AIFA will have lasted longer than the FSA - a singular achievement in itself. So come on, don't be defeatist - yet! Show a bit of backbone and remember the one big thing that binds us is Independence. The issue now is to ensure that AIFA sticks to that unwaveringly. Any idea of an IFA as DG just will not fly. The most important attribute that the DG should have is the ability to be a skilled negotiator and an adroit diplomat who has the gravitas to be taken seriously by those in the corridors of power. If any know of an IFA who fits that bill I’d be interested to learn. Churchill was a diplomat – read your history. He got the USA on board when it counted. That was diplomacy. I admit that my heart sank when I heard of Mr. Gay’s background, but I think it would be churlish not to give the bloke a decent crack and see if indeed a leopard can change his spots. Presumably he was employed at the time of his appointment. This may well indicate that he has had quite enough of being a life office apparatchik and now wishes to do some real good. A gamekeeper turned poacher could be of real benefit to AIFA and IFAs. So let’s give the guy a chance before we torpedo him. By Christmas we will all have a clearer picture. Meanwhile at least we don’t need to explain the basics to him! However On the first hint of variance or the dropping of the 'I' or any other lame excuse to include anything or anyone who is not purely Independent and Whole of Market as per FSA definition - and I too am off like a ferret down a drainpipe. If AIFA doesn’t stand for independence it stands for nothing. Independence is the common ground.
Posted by: Harry Katz
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Good choice
The AIFA board are to be congratulated. Steve Gay is a very capable guy - clever, straight, good presenter and a long time friend of the IFA sector with a deep understanding and sympathy for IFAs. He has a hard act to follow but I am sure he will be excellent.
Posted by: Danby Bloch