Lakey, who resigned as IFA Defence Union chairman earlier this month, is currently contacting IFAs across the UK to see how many are prepared to pay a fee to support a new group to represent IFAs on FSA and Government matters.
He is working with GDC Associates partner Derek Gair and Williams Farrall Woodward partner Steve Farrall.
He says: “If there is an appetite amongst the adviser population for a focused group that will concentrate on specific issues such as the long stop and RDR, then me, Derek Gair and Steven Farrall are interested in taking that forward.
“Whether it goes ahead is entirely dependent on whether there is enough advisers who are willing to join and pay an appropriate fee so that we can build a suitable balance that will enable us to do the things we set out to do.”
Lakey says any new IFA representational body will need to obtain funds from members so as to mount defences and challenges.
He adds: “We believe that a cost structure of a £100 joining fee together with an annual fee of £150 or £15 per month would balance the funding requirement.”
While Lakey has not set an absolute target for the number of IFAs he hopes to attract, he says: “It is fair to say a critical mass of around 500 would be appropriate because that then would give us the clout we need and the financial backing that would enable the legal actions and whatever we need to take place.”
He adds: “In short IFAs have had a very bad deal over the last 20 years and it is getting progressively worse.
“We represent the good side of the industry yet we are the ones who are pilloried a lot and we are the ones that will suffer as a result of the RDR.”
Lakey says it is likely the group will employ a full-time administrator to keep the infrastructure in place, and he will know whether to pursue the group by next week.