The Association of Independent Financial Advisers (AIFA) should be given a "makeover" not a replacement, PanaceaIFA has claimed.
Founder of the group Derek Bradley would rather see the organisation be brought up to standard than have a new body take over its role.
Mr Bradley fears that a new trade body would offer nothing more to the existing groups AIFA and Adviser Alliance, but would still require funding that would soon dry up after the initial excitement surrounding the new addition.
Moreover, considering that independent financial advisers (IFAs) are already subject to the same regulations, he believes that they should be able to work together without the interference of a "secular" model.
Instead, he feels a new body would merely be brushed off without IFAs taking it seriously.
He said: "The problem AIFA has in the eyes of many disaffected IFAs is that it has not appeared to engage with its membership over a number of very important years.
"Surely strength can be found in the broad church model rather than creating a sect-like representation that will never get heard with any degree of seriousness."
Posted by Claire Robin 