Lord Andrew Tyrie has been appointed as the new chairman of wealth management association PIMFA.
His predecessor Lord Deben is stepping down as chairman of wealth management association PIMFA this month after nine years at the helm.
Lord Tyrie previously acted as MP for Chichester for twenty years from 1997 to 2017 and was chairman of the Parliamentary Commission on banking standards and the Liaison Committee from 2015 to 2017.
His parliamentary career included being chairman of the Commons Treasury Select Committee from 2010 to 2017 and chair of the Competition & Markets Authority (CMA) from 2018 to 2020. He achieved national coverage for his tenacious approach at the CMA and Treasury Select Committee.
Lord Tyrie said: “I am honoured to be appointed chairman at a time when this vital industry is undergoing significant transformation. The challenges and opportunities ahead, shaped by regulatory, political, technological and economic change, demand strong leadership and a unified voice.
“I will work closely with our board, executive team, and member firms to champion excellence and advance meaningful policy dialogue to ensure that our industry can continue to deliver trusted, high quality advice and personal investment services that benefits both individuals, and the wider economy.”
Liz Field, PIMFA chief executive, said: “Andrew understands the challenges facing the industry but also the tremendous opportunities ahead for all sizes of firms. I greatly look forward to working closely with him to support our members, strengthen our advocacy work and continue driving progress that will help build a thriving culture of financial health in the UK.”
Many Financial Planning firms and wealth managers are members of PIMFA including St James's Place, Evelyn Partners and Titan Wealth.
PIMFA was established in 2017 as a result of the merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA), which has a history as a trade association dating back to 1991.