West Riding Personal Financial Solutions director Neil Liversidge, who founded IFAPAC, says he has had strong support for his push for “realistic and fair regulation”.
Liversidge says the Conservative Party’s proposal to scrap the FSA is a positive step forward.
In its White Paper, published on Monday, the Tories call for the abolition of the FSA, with prudential powers passed to the Bank of England and a new body, the Consumer Protection Agency, set up to regulate advisers.
Liversidge says: “The end of the FSA is a good idea. What concerns me is what comes after the FSA. The danger is it will over-regulate IFAs in the future more so than in the past, if that is possible.”
He says the RDR is bad news for everyone, except banks, insurance companies and IFAs who service the high-net-worth end of the market. He says extending it to protection would wipe out the IFA sector. Liversidge says: “The run-up to a general election is when politicians listen the most so we need to get the message across that the RDR needs to be changed. We need to get a firm commitment to those changes from the politicians before the election.”
He hopes the new group can complement the work of Aifa. He says: “IFAPAC should not be seen as a competitor to Aifa. It aims to complement Aifa’s work and encourage small IFAs to participate directly in the lobbying effort.”