The Long Term Care Working Party (LTCWP) has left the IFA Association (IFAA) and joined up with the Society of Financial Advisers (SOFA).
SOFA has shown much interest in the working party and, according to LTCWP’s chair Margaret Borwick, the two bodies share similar interests.
“We have closely aligned ideas,” she said. “We promote giving advice – holistic advice – and training. Not selling products.”
She added that the new union with SOFA would provide “the basis for a good structure to get work done”.
And she explained: “I have received lots of supportive comments. Things are going to be a lot more constructive.”
Robert Reid, chairman of SOFA, was very enthusiastic about the move. “We will be looking at accelerating development, not only in examinations,” he said.
He explained: “If the examinations cannot be introduced immediately we will look at doing something else in the interim – something like a structured study programme to take people up to a benchmark level.”
He added: “As LTCWP was already on the move it seemed a good idea to bring it across to ourselves. We may want to get a regulator involved.”
Garry Heath, director general of IFAA is reported to have approved and supported the move.
The future of the IFAA is uncertain due to the creation of trade body, AIFA, which it may join.
The next LTCWP meeting is on 16 July, 1999, where the draft paper for the training and accreditation scheme will be discussed. Moves are also being made to obtain the representation of the PIA and FSA on the LTCWP.