The ABI has now unveiled its IFA task force to help come up with standards for its project to produc...
The ABI has now unveiled its IFA task force to help come up with standards for its project to produce higher industry standards.
The project is part of the Savings and Long Term Risk (SALTR) initiative first revealed by Investment Week last November.
The taskforce, which will be chaired by Paul Smee, director general of the Association of Independent Financial Advisers (AIFA), will work with the new Industry Standards Group to help finalise the new regime for product providers.
The emerging standards are currently subject to a consultation period throughout the industry and the IFA taskforce will be included in that process.
Mike Ross from Scottish Widows, chairman of the Industry Standards Group, said: "Raising standards across the industry will help to increase consumer confidence and grow the market to the benefit of all.
"IFAs will be key to the success of this initiative and can play a vital role in developing the standards as well as delivering the new regime to customers. Our aim is to ensure that the standards are distribution-neutral."
In addition to Paul Smee, a key representative on the taskforce will be Roy Nicholson, chairman of the IFA Life Offices Group (ILOG) and Chief Executive of Scottish Amicable.
The taskforce will also include Jeremy Budden of Willis National, Michael Grant of Countrywide, John Dunne of Advizas, Simon Clamp of Aegon UK, Laurie Edmans of NPI, Sandy Hogg of Scottish Widows, Graham Storrie of Standard Life, Russell Hughes of Norwich Union and Steve Wigzell of Winning Strategy.
Richard Knox-Johnston will act as the secretary to the group.
Smee added: "It is important that IFAs are actively involved in ensuring that SALTR makes a major contribution to the health of the long-term savings market and do not see SALTR as added bureaucracy."
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