The LIA and Sofa have unveiled plans to rebrand as the Personal Finance Society and create a more self-regulated industry under proposals to merge the two groups.
Both bodies have written to their 25,000 members explaining several changes would be implemented to help improve the image of the financial sector and its increase membership standards. Letters confirm member designation will be altered from its current status to carry the PFS name, so any IFA with FPC status or (dip)MILIA will be grandfathered into the new regime as PFS Cert(ificate) holders, according to the new rules, while AFPC holders will be redesignated as holders of the modular diploma. Requirement Designation Current LIA Current SOFACertificate levelCertPFS MLIA(dip) FPC – re...
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