Adviser Alliance donates money to FSCS legal fight
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Adviser Alliance is donating £500 towards the judicial review initiated by Regulatory Legal over the Financial Services Compensation Scheme’s handling of compensation following Keydata’s collapse.
Last week Money Marketing revealed that Regulatory Legal was given the go-ahead to launch its judicial review against the FSCS’s £80m interim levy on investment advisers after the High Court ruled it had an arguable case.
Adviser Alliance says it continues to have doubts about the viability of the judicial review, but it wants to show solidarity with advisers.
Adviser Alliance director Alan Lakey (pictured) says: “Whilst we have doubts that the judicial review will be successful, we do believe that FSCS is in drastic need of overhaul and as such feel as strongly as IFAs generally, they need support and as a focused lobbying group we deem it appropriate to dip into our funds. We may well provide further assistance if future circumstances warrant.”
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Readers' comments (8)
lol | 5 Jul 2010 2:50 pm
way to go alan!
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Dave | 5 Jul 2010 3:08 pm
Good to see another Network supporting the review. We are members of Financial Ltd and they have absorbed the extra levy and not passed it on to members. As a firm we have chosen to send a seperate voluntary contribution. We should all pull together on this one.
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Blair Cann | 5 Jul 2010 4:09 pm
For what it is worth I support this too. As effectively a one adviser IFA, I have sent my £200 off
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Jeff | 5 Jul 2010 4:37 pm
Alan Lakey has this dead right, it is time to show that enough is enough and put our hands in our pockets for a relatively small amount, even if we believe the review will not come down in our favour, just to show we have seriously had enough now!!
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Norm d'Plume | 5 Jul 2010 5:21 pm
Yes, we all need to pull together.
Whichever way it's funded, it's the customer ulimately who pays.
The only fair way to fund the FSCS is by product levy.
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Back Bone | 6 Jul 2010 9:55 am
AIFA, PFS, CII and all the rest of you jobsworth regulatory Lackeys’ take note of the meaning of backbone! With all of your funding you have sold us down the river. I suggest you IFAs reading this take note, bin your fee support of these sycophants and join Adviser Alliance.
Alan has backbone!
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Common Sense | 6 Jul 2010 12:00 pm
There is Back Bone and there is Common Sense.
Do any of you know what a judicial review is? Do you know what it can or, as is more likely, cannot do?
Do any of you know who makes money out of all this legal stuff?
I think the whole world knows how we feel about these serious issues of unfairness but is it not time to think before you jump? Many thousands of other firms do not agree with those who want to show some 'Back Bone' but they still have to pay, how fair is that?
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Gareth Fatchett | 8 Jul 2010 1:15 pm
Common Sense -
If there were an award for backbone I do not think some of the trade bodies would trouble the judges.
It seems to me deciding to do nothing and arguing vehemently for this makes no sense.
Negotiating with the FSA as an alternative. What will people do when they ignore you ?
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