APFA profits take £90k hit as provider money gives way to member fees

The adviser trade body recorded earnings of £797,842 during the year to June 2014 but managed to retain only £29,253 in profits after tax (pre-tax profit of £29,272). In the previous year APFA achieved a surplus of £117,337 on a turnover of £977,000, up from losses of £142,500 in 2011/2012. Director general Chris Hannant (pictured) said the organisation continued its focus on member recruitment and cost control throughout the year and was now making more of its money from member subscriptions and less from "supplementary member services supported by product providers". APFA recorde...