Leading City trade body merger given the thumbs up by investment management institute

Oliver Gill
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The new body will "lead the debate" on a number of City matters (Source: Getty)

The proposed tie-up between two of the UK's main financial advisory trade bodies has received the blessing of Britain's largest chartered investment institute.

On Tuesday, the Wealth Management Association (WMA) and Association of Professional Financial Advisers (APFA) proposed to merge, forming the Investment Management and Financial Advice Association (IMFA).

Liz Field, currently the head of the WMA, will lead to amalgamated organisation.

She said the merger of the two trade bodies will "lead the debate on policy and regulatory recommendations" to enable the UK to remain a global centre of excellence for investment advice.

Read more: British Bankers' Association set to merge with rival trade associations

The Chartered Institute for Securities and Investment (CISI), which represents 40,000 members in the UK and abroad, said the merger was a "positive step" for the sector.

A spokesperson added: “We look forward to working with this new trade organisation. It will provide a united force to help shape the policy and regulatory platform for these important areas of financial services and to ultimately benefit consumers throughout the UK.”

The partnership is set to become effective on 1 June, but is subject to approval by members.

The director general of APFA, Chris Hannant, added: "The proposed new trade association will provide a stronger, united voice that can better lobby on behalf of the combined membership”.

Read more: Investment Association calls for greater flexibility to "rebuild trust"

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