Why merger makes sense

Sofa and the LIA's move towards a single body is the first step to nurturing a sound financial planning culture in the UK

The very welcome agreement between Sofa and the LIA to become one body by January 2005 is the culmination over many years of discussions. It was apparent following the introduction of the Financial Services Act 1986 that there was a need to strengthen representation and standards on the part of financial advisers. Following discussions with product providers and a significant PR company in 1990, the then LIA president announced at our 1991 industry leaders' meeting a three-fold plan: the need for a single hierarchy of qualifications, enforced at the lower levels by the regulator; the nee...