Adviser trade group Libertatem has launched a fundraising effort to support its lobbying for a separate regulator for financial advisers.
The campaign, which can be backed here, hopes to raise £50,000 by Christmas and additional funds throughout 2016. This will be necessary to pay for “significant” research, public relations and media costs, the trade body says.
The group is targeting the ongoing Financial Advice Market Review and plans to lobby the Government to consider a separate, professional advice regulator in its proposals ahead of next year’s Budget.
Libertatem director general Garry Heath says: “If we are to make this initiative a serious option it needs widespread support from the adviser community but it will take more than words to deliver it – we need action and for people to put their money where their mouths are – either in the form of Libertatem membership or a fighting fund.”
Heath says an advice regulator would have more understanding of the advice market than a generalist regulator, and could be based outside of London to limit its costs.
He says: “Advisers’ clients are already paying heavily for a regime that is attempting to control multi-national companies with major and systemic compliance issues along with the adviser community which in comparison presents a tiny risk to the public.
“This conflict of cultures has destroyed the access to professional advice for 10m clients and exposes professional advisers to reputational damage by association.”
“Our sector has specific needs. We also need to create an entrants system that allows new advisers to be commercially viable as they learn so we can maintain numbers.”