Where am I? 
Home Better Business
Categories: Better Business
Topics: AIFA| Alan Lakey| RDR| FSA|
Alan Lakey, founder of IFA lobby group Adviser Alliance, has hit back at comments made by new AIFA director general Stephen Gay on "shouting" anti-RDR pressure groups.
Speaking at the Tenet Conference last week, Gay defended his organisation's work in dealing with RDR and insisted it had been lobbying hard behind the scenes.
He said: "Shouting about things can feel great but it's very easy to burn bridges as a consequence. Pressure groups tend to be very visible but they protest hard outside in the cold.
"A trade association on the other hand can gain access to policymakers, invite them to the table and consult with their membership. But there are responsibilities over behaviour that come with that."
However, Lakey, who has been a vocal critic of RDR and the FSA in recent years, has defended the work of pressure groups and slammed AIFA's ‘behind the scenes' lobbying.
He says: "In contrast to AIFA, Adviser Alliance and other pressure groups have gone to their MPs and presented a very cogent argument as to why the RDR and the FSA are not fit for purpose.
"It's worked and the MPs have gained an appetite for looking at a quango which has been given exceptional powers and which is not accountable to anyone.
"No-one could say the AIFA method has been a success, whereas whilst we don't know the outcome yet, all the signs are that what we and others have done has achieved far more."
However, Lakey says he accepts the difficult situation Gay is in as head of AIFA, an organisation which claims to represent the interests of over 80% of IFAs.
"The problem Stephen's got is he's inherited an organisation that's lost the respect of members and he's got to balance many interests.
"There is a section that supports RDR, a section that supports one or more aspects of the RDR and others that don't believe AIFA's not doing enough."
| Share | |
| Comment | Lakey hits back at AIFA chief's 'pressure group' remarks |
More better business news
Email alerts
Recommended reading
Categories
Topics
Comments
Leadership
It's disappointing that Mr Gay feels the need to defend his organisation when what is so desperately needed is for a line to be drawn under the 'mixed' record of the last few years and a new era of unequivocol leadership launched. Why is it always backs-against-the-wall "no-one loves us we don't care" stuff every time we hear from Aifa?
Posted by: Robert Ainscough
Leadership
It's disappointing that Mr Gay feels the need to defend his organisation when what is so desperately needed is for a line to be drawn under the 'mixed' record of the last few years and a new era of unequivocol leadership launched. Why is it always backs-against-the-wall "no-one loves us we don't care" stuff every time we hear from Aifa?
Posted by: Robert Ainscough
Origin of the species
No one could deny that AIFA doesn't have problems. However nothing in this life is perfect and what we have with AIFA is certainly better than the alternatives and certainly better than nothing. I am not going to waste my time listing the progress that AIFA has made, quietly and without so much fuss, but I know that without them things could be a lot worse. As to the ‘shouters’ before you start crowing lets see what is actually achieved. So far only more hot air. That you have attracted the attention of some MPs who are seeking some limelight is in itself no achievement yet – as nothing thus far has changed. The shouting has marginalised you with those who actually have the power. You don’t seem to be consulted or invited to contribute – you only manage to yell from the touchline. You may yet actually achieve something, but it is by no means a forgone conclusion. When you actually have a concrete achievement under your belt then perhaps some might take you a little more seriously. Unfortunately those of us who have been around long enough know only too well that a bellicose stance hasn’t worked in the past and appears to be unlikely to work in the future. Meanwhile it undoubtedly gets headlines and column inches. But then so does an axe murderer. Pragmatists will also recognise that change is a constant – never more so than in this business. Change can and probably will affect everything and everybody and I guess AIFA will not be immune either. It is those however who can adapt that will survive. Charles Darwin was ever right in that!
Posted by: Harry Katz
Too many of them...
Representative bodies that is and too many powerful lobbying groups with vested interests, the advisers, the banks, the fund managers.... The regulators can't listen to everyone and most of it goes unheard. Sad really, everyone trying to justify their existence even if it can't be... And then there's Harry
Posted by: Evan Owen
No one likes us we don't care
Thanks Harry - a most perfect illustration of my point. No further questions m'lud.
Posted by: Robert Ainscough
Related articles
Most Read
Audio / Visual
With the industry's biggest fund managers, IFAonline welcomes you to the media centre.
This year we have 14 awards designed to mark out the very best products in a highly competitive and innovative market. This includes three new awards for 2011 to reflect the developments in this rapidly growing market: Best Dual/Multi-Index Product, Best Structured (Oeic) Fund and Best Structured Product Provider.
Events
Poll
|
|
Job search
Ifaonlinejobs will open the right investment career path for you. Search hundreds of vacancies on www.ifaonlinejobs.co.uk now
In Focus
Viewpoints
About 2.66 million people are looking to increase the amount of money...
sponsored by
One IFA one vote.
What AIFA never acknowledges is how skewed its membership is. The vast majority of the IFAs claimed by AIFA to be members have been auto-enrolled by networks. It bizarrely resembles the scenario of a Labour leadership vote where nobody votes for Red Ed but he gets it on the union vote.
Posted by: Simon Kershaw