Openwork, which is partly owned by Zurich Insurance Company, said the size, scale and status of the business means it no longer requires trade body representation. It also put its decision down to APFA’s changing relationship with the Financial Conduct Authority.
As part of the move, the firm’s chief executive, Mark Duckworth, will step down from the association’s board.
“We differ from many other advice businesses in terms of the level of direct engagement we have with the regulator and policymakers,” said Duckworth.
“Having reviewed our position in this respect, we have concluded that we no longer require trade body representation and have accordingly resigned our membership of APFA.”
“We differ from many other advice businesses in terms of the level of direct engagement we have with the regulator and policymakers”
Openwork joined APFA in 2013 after the association expanded its membership criteria to include restricted advisers. The network currently represents around 3,000 restricted financial advisers working across the UK.
In September last year, Openwork was named the third most complained about advisory firm by the Financial Ombudsman Service, behind Sesame and St James’s Place.
Openwork operates panels for pensions, annuities, life assurance, critical illness and general insurance.
The majority stake of the firm is owned by its advisers and employees, and 25% is owned by Zurich.
Yesterday APFA called for a freeze in the FCA budget to give its members a break from rising fees.
