UK banking group Barclays has apparently leftthe IFA representative body, the Association of Independent Financial Advisers, in response to the latter's decision to exclude multi-tied IFAs.
AIFA’s decision to exclude multi-tied advisers from membership of the organization has provoked furious reaction within the IFA community, with some of the country’s leading IFAs attacking each other in the trade press.
The switch to multi-tied selling was brought about by the depolarization legislation enacted earlier this year. Some in the IFA community believe that, by selling products from a chosen group of financial providers, multi-tied IFAs are no longer truly independent and, moreover, are offering a more limited proposition to consumers.
Now Money Marketing has reported that Barclays has left AIFA, with observers interpreting this move as an indication that Barclays may be turning its back on the fully independent advice segment. However, Barclays told Money Marketing that the decision to quit AIFA was a purely commercial one.