“Our public membership rules clearly state that any member deemed to have brought themselves, Pimfa, or the industry into disrepute can face action, which includes having their membership suspended,” it said.
Pimfa said as a prominent member of its Strategic Advisory Group, Liversidge’s sanction by the CII, required the board to consider his position as a member of Pimfa.
“This has no bearing on his membership of the SAG, which is a separate issue,” the spokesperson added.
“Pimfa only became aware of Liversidge’s suspension from the CII in July and the next meeting of the Pimfa board was not until September.
"Therefore, any decision as to whether any action on the part of Pimfa was necessary, could not be taken by the board until that meeting in September.”
At the board meeting in September, Pimfa said it was determined that Liversidge “had brought himself into disrepute by his actions” and should have his membership suspended in line with the suspension imposed upon him by the CII.
“Part of the sanctions from CII is that he must complete an online ethics course within three months of the date of his sanction by them on June 20, 2022,” a spokesperson added.
“We are aware that Mr Liversidge states that he has now completed this online ethics course and we have ratified this with the CII.
"A decision as to whether Mr Liversidge will be reinstated as a member of Pimfa may be taken at the November board meeting.”
The SAG committee
Separately, Liversidge said he was informed in May 2022 that his two-year term on the SAG was coming to an end and that his attendance at SAG meetings would end after the June meeting.
Speaking to FTAdviser, Liversidge said Pimfa chief executive officer Liz Field informed him that its board would select replacements for the SAG.
“That meant, of course, that those representing the largest wealth managers, national firms, and networks, would decide who would represent small adviser firms,” he said.
“That [is] disgraceful - and probably illegal - attempted power-grab was completely contrary to the promises made when we agreed to APFA’s merger with the WMA, that small firm members would continue electing their own representatives.
“I do understand there are those in Pimfa’s hierarchy, who want rid of me.”
However, Pimfa explained that the terms of reference for membership of the SAG state that four IFA members of the SAG may sit for a term lasting two years.
“Mr Liversidge has sat on the SAG and its predecessor committees since the Wealth Management Association and the Association of Professional Financial Advisers merged in 2017 to form Pimfa,” it said.
