The Association of Professional Financial Advisers (APFA) has recorded a surplus of more than £117,000 for the year ended 30 June, thanks to a programme of cost reductions.
The organisation, previously the Association of Independent Financial Advisers, achieved a financial surplus of £117,337, reversing a £142,505 deficit recorded in the previous 12 months.
It is the first time the body has reported a surplus since 2009-2010, when it finished £14,919 in the black. Since then, APFA has recorded a deficit of £194,419 before last year's £142k loss.
Its turnover in 2012-2013 was just over £977k, significantly less than the previous year's £1.38m. However, its total costs in that period were more than £1.5m, against just £860,000 in the most recent results.
Chris Hannant (pictured), director general of APFA, said: "Through a sustained process of cost reduction and control I am pleased to say that APFA's financial position is significantly improved.
"For the first time in two years we have achieved a financial surplus. This gives APFA a good foundation and the confidence to build for the future."
Hannant has repeated calls for a "regulatory dividend" to be provided for advisory firms, now the regulator has completed reforms designed to de-risk the sector.
"As a result of RDR [Retail Distribution Review] consumers face less risk. We now have higher professional standards and clear and accountable charging for clients, without commission bias. It is therefore equitable that a regulatory dividend is given in return; one that will reduce the cost and administrative burden on advice firms in return.
"As part of this dividend we will also continue to call for a long-stop for advisers. We look forward to working with our members over the next year to achieve these aims."
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