AIFA records £154k loss

The Association of Independent Financial Advisers (AIFA) recorded a deficit of almost £154,000 in 2011/12.

The trade body's turnover in the 12 months to 30 June was £1.4m, down from £1.6m in the previous year. However, administrative expenses of £1.4m resulted in the operating loss of £153,899. In 2010/11, the organisation had recorded a £194,856 operating loss after administrative expenses had totalled £1.5m. Chris Hannant, policy director at AIFA, said: "AIFA has continued to restructure the organisation and reduce its costs over the past year. "Although a further loss has been made we are in a strong position going forward and will return to a surplus this financial year." Staf...