Advisers should lobby their local MPs over the increases to their Financial Services Compensation Scheme bills, according to Tenet distribution and development director Keith Richards.
Some adviser firms have been hit with massive increases to their FSCS bills as a result of the £93m interim adviser levy, mainly to cover compensation costs relating to failed Keydata unit Lifemark.
One delegate at the Tenet annual business conference, held last week, has an appointment with his MP to raise the issue.
He said: “Is it going to be the case that every time someone else makes a mistake we are going to have to pay for it? We cannot stand by and let this happen any longer.”
His point was met with a round of applause.
Richards said: “We are outraged by this continuing burden, which was actually caused by regulatory failure.
“If every adviser were to write to their MP, setting out the impact of the FSCS bill on constituents, the adviser’s business and the country, it would mean more MPs would start to get the message and give more weight to our lobbying organisations.”