IFA Promotion

IFA Promotion is a not for profit organisation which was formed in 1989. The organisation acts as the industry body for promoting the benefits of independent financial advisers (see independent financial adviser) (IFA) and the overall advice process to consumers and businesses in the United Kingdom.

The company

IFA Promotion was created in 1989. The organisation was set up by 19 financial product providers whose main objective was to sell financial products to consumers via independent financial advisers (IFAs). Therefore they needed a promotional body to raise the brand awareness of IFAs amongst consumers. The founding sponsor companies in 1989 were:

Abbey for Intermediaries
Aegon
AMP NPI
Aviva
Brarbie Life
Clerical Medical Investment Group
Dresdner RCM Funds (UK) Ltd
Fidelity Investments
Henderson Touche Remnant Unit Trust Management
Invesco Perpetual
LAS Group
MGM Assurance
Prudential Assurance Co Ltd
Schroder Unit Trusts Limited
Scottish Life
Scottish Widows Plc
Standard Life
The Skandia Group of Companies
National Mutual
In 2010, the number of companies currently stands at 26. These are:

AEGON
Alliance Trust
Aviva
AXA
Bright Grey
Canada Life Ltd
Clerical Medical Investment
Franklin Templeton
Friends Provident
ICM Research
Invesco Perpetual
J.P. Morgan Asset Management
Legal & General
Lockton
MetLife
Opinium Research
Prudential
Royal London 360°
Schroders
Scottish Life
Scottish Widows Plc
Standard Life Assurance Company
Sun Life Financial of Canada
Zurich Intermediary Group
In 2010 the organisation announced that their funding model had changed, and was now 50% funded by IFAs paying for an enhanced profile listing and extra benefits, and only 50% funded by its sponsors .

Chief Executives of IFA Promotion

Karen Barrett: 12 October 2009 - Present
David Elms: 22 May 2000 - 12 October 2009
Ann-Marie Martyn: October 1997 - 22 May 2000
Robert Browne-Clayton: 18 April 1995 - October 1997
Joanne Hindle: July 1989 - 18 April 1995

Chairmen of IFA Promotion

David Graham: 14 April 2003 - Present
Roy Nicolson: 4 November 2002 - 14 April 2003
Kevin McBrien: 01 July 2001 - 4 November 2002
Douglas Claisse: March 1996 - 30 June 2001
Peter Glover: July 1989 - March 1996

Operations

IFA Promotion allows consumers and businesses to search for a local IFA based on their home or work postcode. They can also input additional search criteria such as advice area, preference of gender, payment options and whether they require their IFA to have an incremental qualification.

All IFA qualifications and designations have been assigned a level based on an analysis which was completed by UK NARIC, a national DfES agency which provides guidance on levels of international qualifications (academic, vocational and professional). These qualifications were then split into two levels (A & B). Level A qualifications are equivalent to A level standard. Level B qualifications are set at a standard equivalent to components of a degree.

The ‘find an IFA’ search also runs on various partner websites such as the Financial Times, the Guardian, Orange, and MSN.

It is also listed on various trade bodies, such as AIFA, the AIC, the IMA and Reita. Government bodies also refer consumers to this service and it is featured on websites such as the Citizens Advice Bureau, Directgov, Consumer Direct, Department of Work and Pensions, Financial Services Authority, Financial Ombudsman Service, Financial Services Compensation Scheme, Pensions Advisory Service, Pensions Ombudsman, Pensions Regulator and the Pensions Service.

IFA Promotion was the first organisation to promote IFAs to consumers and was the first to create a badge of ‘independence’ (or roundel) for IFAs to prove they were giving the highest quality of financial advice. IFA Promotion registered the blue roundel logo device as a trademark in 1995. The ‘find an IFA’ search is the only database in the UK which lists truly independent financial advisers .

IFA Promotion also provides consumers with basic guides on all areas of financial advice, such as taxation, where public "apathy or confusion" is often a reason for too much tax being paid.

IFA Promotion expanded its service in 2008 by launching a local whole of market mortgage adviser search, and again in 2009 with a local solicitor search. It was revealed that there was “a 25% jump in the number of people contacting advisers for help with a mortgage” as the numbers of people using the search rose from 36,000 to 45,000 between January and June 2009 .

External links

• IFA Promotion website
• Definition of IFA Promotion at Finance Glossary
• Types of IFA Qualification