Provisionally called the Independent Financial Advisors’ Political Action Committee, it aims to recruit IFA lobbyists in every constituency throughout the UK.
Liversidge 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 will wipe out the IFA sector.
He says: “Conversations with the FSA are a waste of time because they only listen to those they want to hear. We need to be talking to their political masters and bring pressure to bear on them from above.”
Liversidge says the lobby group’s agenda will be democratically decided and voted on by the membership. He says future plans include a mass lobby of Parliament.
He hopes the new group can complement the work of Aifa. He says: “IFAPAC should not be seen as a competitor to Aifa. I’m an Aifa Member and will remain an Aifa Member. IFAPAC aims to complement Aifa’s work and encourage small IFAs to participate directly in the lobbying effort.”
“Given the mindset of the FSA, we either lobby or die. We are willing to constructive engage with the regulator but for that to happen they need to start listening to small IFA firms rather than just letting the banks call the shots.”