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Tate hopes the next IFA chief executive lasts longer

Institute of Financial Advisers president Nigel Tate says the resignation of his organisation’s chief executive after less than a year came as a surprise.

Thursday, October 3rd 2013, 6:29AM 3 Comments

by Susan Edmunds

Penny Mudford announced on Monday that she plans to stand down from her position at the end of the year, and said the move was for professional reasons.

She said yesterday that it would be business as usual until the end of the year because she has a lot of projects still under way. She directed further queries to Tate.

He said the work Mudford had done had been very valuable for the organisation. She had been focused on preparing the institute for a new direction, with a greater focus on the provision of professional career pathways for IFA members, he said.

The move was because Mudford wanted more professional development opportunities, he said. “I support her but it’s disappointing that she can’t do that with us. But there’s no ill feeling. We’ll start the process to look for a replacement.
He said he was not concerned about IFA turnover, despite the recent resignations of Joe Grayland and Peter Lee. It has been 18 months since Lee left.

“She’ll have been here just over a year when she goes. I would have loved to have her here for three or four years but everyone has to go in the direction they want to head. It’s a good thing that we have people with these sorts of aspirations because it shows they are driven.”

The next CEO’s job description would be slightly different, with a greater focus on member pathways.

Tate said the IFA would seek someone who wanted to stay three or four years in the job. He would not be putting his own hand up for the role.

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Comments from our readers

On 3 October 2013 at 9:04 am Mr IFA said:
From what I'm lead to believe - the tenure of the new CEO (and survival of the IFA) will depend largely upon the departure of some of the long standing existing board members.
On 3 October 2013 at 2:29 pm Murp said:
I have recently resigned my membership of the IFA. I felt that they did not offer me value for my fee.

The departure of Penny only reinforces my belief that I made the right decision. The final straw for me was the IFA's refusal to recognise structured CPD credits I earned from another organisation.

I received no valid reason for this refusal! Politically driven? I'm not sure, but I am not prepared to continue funding the IFA under its current structure!
On 3 October 2013 at 3:23 pm John Milner said:
Murp, your views are shared by many of us members. I shared my views on the same CPD issue with Penny at an IFA focus group earlier this year. No meaningful response was received that I could accept. My advice to the IFA is to stop trying to be too clever and start listening to your members before we talk with our feet.

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