View more on these topics

1,400 Back Bamford’s FSCS action

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.”


Tomorrow’s world

The US sector seems to be a graveyard for fund managers here in the UK. Given the size and dynamism of the US economy, you might expect a decent number of good quality funds to invest with. Yet it is hard to find managers that have consistently outperformed the market to a significant degree. Indeed, […]


Mervyn King admits BoE failings and calls for reforms

The Bank of England governor Sir Mervyn King has admitted the organisation could have done more to prevent the banking crisis and has renewed calls for reform in the troubled sector. Speaking at The 2012 Today Programme Lecture in London yesterday, King (pictured) said the BoE was not blind to what was happening in financial […]


MM Leader: The changing face of bank advice

It has been a common misconception to suggest the RDR will play into the hand of the banks’ advice operations. The original RDR plans would have offered significant advantage to the direct operations of life companies and banks which would have been able to operate under less stringent qualification and charging rules. But since it […]


Nic Cicutti: Are doctor’s orders right for IFAs?

One of the side-effects of writing this column is that I often get inveigled into having discussions with IFAs who write to me with responses to my comments. Generally, I try to shy away from responding at length, otherwise I would never do anything else. But a few weeks ago, I saw a reply to […]

Image courtesy of Stuart Miles at

Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm