Informed Choice has formed an IFA action group to campaign for fairer Financial Services Compensation Scheme costs.
The group was set up after some advisers were hit with huge increases in their FSCS bills. Informed Choice’s bill jumped from £1,300 to £10,012.
The group has set up a website, FSCSlevyactiongroup.co.uk, a Twitter page and a petition which will be presented to FSA chief executive Hector Sants and Treasury financial secretary Mark Hoban on February 17. The group wants greater responsibility placed on IFAs who sell failed products and for the FSA to intervene earlier when high-risk plans are being sold.
It is also calling for a commitment to keep FSCS management expenses to a minimum and, where some firms are found to have missold a product, assurances that firms which did not missell will get a refund on their interim levy contribution.
Informed Choice managing director Martin Bamford last week sent an open letter to the FSA, the FSCS and the Treasury.