Advisers hope Informed Choice managing director Martin Bamford’s day of action campaign over Financial Services Compensation Scheme levies will act as a wake-up call to policymakers.
Informed Choice established the FSCS Levy Action Group in February 2011 to lobby for a fairer FSCS after advisers saw huge increases in their bills.
The campaign was resurrected again last week, with a day of action held on April 25 as Informed Choice says this is the day most interim levies are paid.
The campaign centred around an online petition which called for better categorisation of firms within the FSCS funding model. It also called for a concerted effort at raising awareness among consumers that the FSCS is funded by the industry and consumers ultimately pay the cost through charges.
The petition closed with 1,421 signatures, more than double the 678 signatures generated by the FSCS Levy Action Group last year.
Bamford says: “Our day of action calling for a fairer FSCS received overwhelming support from the IFA community. I have written to Treasury fin ancial secretary Mark Hoban with a copy of the petition and all 1,421 signatures. I have also written to FSA chief executive Hector Sants and FSCS chief executive Mark Neale to ensure they are aware of the strength of feeling over the issue.”
Jacksons Wealth Management managing director Pete Matthew says: “This has created a louder noise than anybody else has made so far, which is to Martin’s credit. He has used his clout to rally the troops and hopefully this will act as a wake-up call to Mark Hoban.”
Investment Quorum chief executive Lee Robertson says: “Martin should be commended for bringing attention to the issue. I suspect it will be of concern to Mark Hoban that so many people are unhappy about this.”