Understatement coming up: Stephen Gay was not universally welcomed as the director-general of the Association of IFAs (AIFA).
After announcing his resignation from the organisation today, the consensus seems to be that he will not be missed either. It's only been 14 months after all and, according to many advisers, all Gay managed to achieve was to confine to the scrapheap the very agenda on which AIFA was founded: an organisation looking out for the interests of 'independent' advisers. I am of course referring to AIFA's decision, in July last year, to permit 'restricted' (tied/multi-tied in today's parlance) advisers as members. But wasn't the organisation right to do it? AIFA reasoned that, as many of i...
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