Aifa under fire from Treasury Committee

The Treasury Select Committee has criticised the trade body's commitment to the financial services industry

Aifa must set a far more aggressive agenda in moving the financial services industry away from its current sales-led, weak compliance culture, the Treasury Select Committee claimed last week. Committee chairman MP John McFall called Aifa a "pass the parcel" trade body, pointing to the latter's apparent unwillingness to accept a share of responsibility for mis-selling issues, such as the current precipice bond situation. McFall also criticised Aifa for giving the impression that it sees little, if any, role for itself in a self-regulatory regime for the industry, while at the same time c...