Informed Choice’s day of action campaign for a fairer Financial Services Compensation Scheme received 1,421 signatures yesterday.
The FSCS Levy Action Group was formed by Informed Choice last February after advisers saw huge increases in their FSCS bills.
An open letter and petition to FSA chief executive Hector Sants and Treasury financial secretary Mark Hoban generated 678 signatures calling for urgent reform of the FSCS funding model.
Yesterday’s date was chosen for the lobbying effort as Informed Choice says this is the day most interim levies are paid.
Bamford says: “Today I will be writing to Mark Hoban with a copy of the petition and all 1,421 signatures. I will also write to Hector Sants at the FSA and Mark Neale at the FSCS, to ensure they are aware of the strength of feeling over this issue.”
Investment advisers have been hit with a £60m interim FSCS levy for 2011/12, to cover the cost of firm collapses including MF Global Keydata, CF Arch cru and Wills and Co.
The campaign is calling for better categorisation of firms within the FSCS funding model.
The current system issues levies based on what sub-class firms fall into, such as investment intermediation and investment fund management. However the way the sub-classes are defined has meant the collapse of providers and stockbrokers has fallen on the investment intermediation sub-class.
The campaign is also aiming to raise awareness among consumers that the FSCS is funded by the industry, and that consumers ultimately pay the cost through charges.
Advisers can get updates of the campaign on the FSCS Levy Action Group website and raise awareness of the campaign through twitter using the hashtag #HelpUsHoban.