The petition, launched on the Downing Street website on Wednesday, now has 732 signatories.
IFAPAC says FSA senior management has failed in its job to protect the financial well-being of consumers.
West Riding Personal Financial Solutions director Neil Liversidge, who founded IFAPAC in July, says he has “no confidence in the FSA to regulate either competently or fairly under its current management”.
The petition states: “Whilst recognising that there are many competent, hard-working and well meaning people working for the FSA, by failing to properly regulate banks and other major financial institutions the FSA’s management has seriously harmed the financial well being of the UK population and now by over-regulating small businesses it threatens to make financial advice unaffordable to those people at the time they need it most. People need encouragement to save, not barriers.”
“We believe its current policies will prove disastrous to both businesses and consumers alike.”