The proposed change – which will be put to a member vote at the organisation’s AGM on 13 November – follows last year’s review of its strategic direction and vision to represent the interests of both restricted and independent advisers under the new regulatory regime.
John Gummer, chairman of AIFA, said: "It’s critical that we respond to the changing advice and regulatory landscape, and also to the needs and priorities of our members. The new structure will enable firms to continue to be eligible as members, despite the rule changes placed upon their businesses by the regulator.
He added: “We will represent all professional financial advisers that put the interests of their clients first – being on the side of the customer to get a better outcome for the customer.
"Many advisers will continue to use the independent label that is well recognised and valued by consumers. However, we also expect many firms to opt for a restricted proposition. It is right that we continue to represent the interests of all these professional advisers.”
