The UK’s Investment Association (IA) has closed its regulatory affairs unit in an effort to slash costs after three of its biggest members were have decided to review their membership with the trade body in 2015.
As part of the unit’s disbandment, Richard Metcalfe, the association’s head of regulatory affairs, and a member of his team have left the trade body.
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Schroders, M&G Investments and St James’s Place were among the firms, which have announced to quit the Investment Association following their criticism that the reform agenda of the former CE0 Daniel Godfrey was damaging to its members.
Godfrey left the IA in October 2015 and has been replaced by chief executive Guy Sears on an interim basis. The association has launched a global search for Godfrey’s replacement.
The board of the IA has asked Godfrey to quit as they were angry that he had ploughed ahead with his own agenda without listening to members.
The trade organisation has over 200 members with a combined £5.5 trillion of assets under management.
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By GlobalDataA spokesperson from SJP said in a statement: "Our business has grown in scale and complexity over the last few years and having reviewed our membership of a number of industry trade bodies, including the IA, we have concluded that none fully meet the needs of our business and therefore are not providing value for money.
"Of course we will continue to play an active role on industry issues and will review our position regarding membership of the various professional bodies as appropriate."
An Investment Association spokeswoman said in a statement: "Richard joined as director of regulatory affairs in September 2013 and has been instrumental in making our voice heard in all aspects of the EU legislative process in Brussels and the rest of the EU.
"He focused initially on the ‘institutional’ side but subsequently covered all aspects of the industry, including retail and systemic issues, both within the EU and beyond. The Investment Association would like to thank Richard for his contribution and input."
