The campaign group will analyse the validity of the FSCS’s decision and see if there are adequate grounds look to pursue a judicial review against it. Partner Gareth Fatchett (pictured) says nearly 300 firms have so far signed up to get further information.
Earlier this month the FSCS announced it would be imposing a £70m levy on the 6,500 firms operating as investment intermediaries to pay for claims relating to Keydata, and stockbrokers Pacific Continental and Square Mile.
Keydata was classed in the investment intermediation sub-class for FSCS purposes despite being widely perceived as a structured product provider.
Firms with less than five registered individuals wishing to join the group must pay £200 plus VAT while those with more than five RIs must pay £300 plus VAT.
Regulatory Legal will assess the group’s viability at the end of the week commencing March 15. If there is not enough support it will return all monies to firms in early April.
Fatchett says: “Our firm is dedicated to giving IFA firms the opportunity to challenge the FSCS levy decision.”