AIFA: Existing regulatory structure 'unfair' on advisers

clock

The Association of IFAs (AIFA) has pledged to use 2012 to campaign for a more comprehensive regulatory structure for advisory businesses.

Stephen Gay, director general of AIFA, said the pressure to pay levies and comply with different financial regulators and an ombudsmen was unfair on advisers. "Advisers are being regulated by the Financial Ombudsman Service, the Financial Services Compensation Scheme (FSCS), and the Financial Services Authority," Gay said. "Nobody has looked at all of these things together and said: where is the straw that will break the camel's back?" Gay also warned intermediaries that the collapse US futures broker MF Global could result in FSCS levies similar to those imposed following the coll...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA sets out plans to simplify complaints regime

FCA sets out plans to simplify complaints regime

Including requirement for firms to report complaints involving vulnerable clients

Isabel Baxter
clock 04 December 2025 • 2 min read
FCA looks to boost transparency of ESG ratings providers

FCA looks to boost transparency of ESG ratings providers

Regulator opens consultation

Michael Nelson
clock 01 December 2025 • 2 min read
Regulators urged to hold pension transfer 'bad actors' to account

Regulators urged to hold pension transfer 'bad actors' to account

Advisers report ‘widespread and sometimes extreme delays’

Sahar Nazir
clock 24 November 2025 • 5 min read