The phrase “IPA Group” is used to describe the IFA and the IPA in aggregate.
Each has separate, but related, boards and separate constitutions. Therefore, the IFA and IPA are accounted for as unique entities for management, legal and financial accounting purposes.
The IPA Group is neither a separate legal entity nor an entity for taxation purposes. Taxation is not payable by the IPA Group but by the individual entities.
For financial accounting purposes, because the IFA is wholly owned by the IPA, the financial results of the bodies need to be consolidated in accordance with Australian Accounting standards.
These consolidated results will be those of the IPA Group.
IPA Board of Directors
The governing body of the IPA and the IPA Group is the IPA Board of Directors. The IPA Board of Directors has responsibility for the management and control of the IPA and of its funds.
Andrew Conway is CEO of the IPA Group.
IFA Board of Directors
The governing body of the IFA is the IFA Board of Directors. The IFA Board of Directors has the authority, in the Articles of Association, to appoint members to the IFA Member Advisory Committee.
The IFA CEO has the absolute authority to manage the IFA operationally. The IFA Member Advisory Committee is not involved in the Institute’s day to day operations.
John Edwards is CEO of the IFA.
IFA Members Advisory Committee
The role of the IFA Member Advisory Committee is to:
- provide assistance and support to the IFA Chief Executive Officer (CEO) in the attainment of the IFA’s objectives;
- advise on strategic development and provide a degree of challenge for new initiatives and to act as a “critical friend”/sounding board;
- provide feedback to the IFA CEO and IFA Board on matters exercising members;
- undertake any specific functions on behalf of the statutory board of the IFA (e.g. Ofqual and IFAC compliance oversight, appointment of committees and working groups);
- generally support the development of the IFA and provide a pool of expertise; and
- meet the commitment to provide a degree of member-led governance; this commitment was given as part of the member engagement process relating to the amalgamation of the IFA and IPA.