CII

Members of the Life Insurance Association have voted in favour of a merger with the Society of Financial Advisers, officials have just announced.

The new Personal Finance Society will merge into the Institute of Financial Planning in future years and withdraw from its links with the Chartered Insurance Institute, predicts this morning's first speaker at this year's IFP Forum for Success .

The CII has announced not one but three qualifications accredited to QCA Level 3 under the new regulatory regime, targeting financial and mortgage intermediaries, including those advising on lifetime mortgages.

Mortgage advisers who are members of the LIA and plan to transfer into the Personal Finance Society proposed jointly with SOFA are being offered free membership of the Society of Mortgage Professionals.

The Chartered Insurance Institute is launching a new division of the professional body aimed specifically at mortgage brokers and advisers.

Initial IFA responses to details of the LIA/Sofa merger indicate some advisers believe the deal may be rejected because of the powers it gives the CII over the new body.

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.

The CII revealed at 11am this morning the Society of Financial Advisers and Life Insurance Association are to merge into a single professional body by 1 January 2005.

Demand for more highly qualified finaical service practitioners will increase over coming years, according to the results of an industry survey conducted on behalf of the CII.

Nomination for the Chartered Insurance Institute's office holders are up for re-election again, ahead of the AGM on July 21st.