12th July 2018
A career of highs (and occasional lows)
Libertatem were recently very pleasantly surprised to find their very own Garry Heath recognised as one of the 100 most influential people in the global financial services sector by a leading industry publisher.
The accolade came out of the blue, wasn’t solicited and does appear to be genuine, much to the amusement of the Libertatem team in High Wycombe.
It caused us to reflect on what he has actually done over the past 40 years to warrant such a moniker and, we have to admit, he has certainly been very active.
Garry first entered the world of financial services as an underwriter for Imperial Life back in 1985 and quickly went on to establish his own IFA practice the following year. With regulation around the corner, it quickly became apparent to him that a strong trade association was required and he set about amalgamating the various representative bodies into one single, organisation. The IFA Association (IFAA) began life in 1989 and was a central player in the introduction of regulation into the industry. From the reform of FIMBRA, to the creation of the PIA and the Financial Services Authority, the IFAA was instrumental in bringing about positive change for the industry, had a membership of over 60% of UK IFA practices and a turnover of nearly £2 million. The trade association also proved the value of having a strong membership with a clear mandate to push back against regulatory excesses and promote the sector.
They were certainly halcyon days and Garry received Money Marketing’s award for ‘Outstanding Contribution to the Financial Services Industry’ eight years in a row. In just ten years, he had achieved what he had set out to do and helped the Government deliver an independent financial services sector that was thriving, sustainable and effective.
After ten years he was ready to pass the baton on. The IFA sector was in extremely good health, the regulator was doing an excellent job and the consumer was benefiting from being able to gain affordable access to good advice.
All that, course, was to change within a very short space of time. While Garry was away enjoying a semi-retirement, the sector lost polarization and its influence over both Westminster and Canary Wharf declined to a point of virtual insignificance.
The regulator was able to grow in size and strength and the Government was happy for them to do so. Numerous trade associations came and went; not one of them were able to grow to a size enjoyed by the IFAA. And none of them had the influence or willpower to bring about effective change
And so it was, after 15 years away, he was moved to pick up the baton once more and formed Libertatem.
In just three, short years, Libertatem has already made its mark under Garry’s stewardship. The only trade association left solely representing the sector now represent one in ten IFA firms. We have already brought about a change in leadership at the FCA which has resulted in a more conciliatory regulator, one which is willing to at least listen to our concerns and those of our members. From the FSCS levy to the Connaught Fund, we have been active in influencing and driving forward positive change.
The coming months will see Libertatem further expand its remit, one which will see us looking at bringing much needed new blood into the sector. Exciting times are undoubtedly ahead and we are aiming to be at the forefront, reducing regulatory costs and promoting the expansion of the IFA sector.
While it is wonderful for Garry’s efforts over the past few years to be recognised in this fashion, he is the first to admit that there is still much to be done, especially now.
To achieve this, he needs your support. If you haven’t already joined Libertatem – and many of you have – please click on the link below. Membership starts at just £20 per month and it will give you a big say on the future of your profession.
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