New BPIF president Peter Yates (left, with outgoing president Roy Bailie and acting chief executive Roy Hill) set six priorities for his presidency at the federations 101st AGM.

Value for money of membership, modernisation, excellence, financial robustness, teamwork and growth will be the cornerstones of his reign. Yates, who is also chief operating officer of W&G Baird, said: The BPIF is no different to its members in that it has no god-given right to exist; we must constantly re-appraise our products and services to ensure they are both relevant and cost-effective.