AIFA posts £200k deficit after 'challenging' year

The organisation recorded an operating deficit of £194,419 in 2010/11, compared to the £14,919 surplus it posted in 2009/10. Its turnover was down from £1.9m to £1.6m, with income from subscriptions down from £1.4m to £1.2m. However, it did manage to slightly slim down its expenses, from £1.84m to £1.82m, with marketing and distribution being the main area of savings. Stephen Gay, managing director of AIFA, said: "We have had a challenging year as the changes in the market increase the demand for representation whilst the strain on the advisory community serves to test our own econ...