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Yorkshire IFA launches political lobby group

Yorkshire-based IFA Neil Liversidge of West Riding Personal Financial Solutions has launched a political lobby group for IFAs calling for realistic and fair regulation.

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.”


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Comments

There are 14 comments at the moment, we would love to hear your opinion too.

  1. Very Good
    Good on you! On paper we have got AIFA and AMI who is meant to lobby our case, but they are, in my opinion, too busy paying lip service to the FSA.

  2. Neil Liversidge – Well done
    Well done Neil, hopefully Money Marketing will be providing their full support!
    Maybe they could start with putting up details of how to get involved.

  3. Political lobby Group

    An exclellent idea. Our firm has been in established for nearly 20yrs with no complaints. The hurdles the FSA are putting forward for us to carry on trading are just pathetic.
    However I wouldn’t say the RDR is good news for Life Companies. With less IFA advisors and Banks tied, the number of Life Assurance companies open for New Business surely would reduce meaning thousands being made redundant.

  4. Well done
    As a mortgage broker I think the RDR has consequences for us all I am going to copy this link onto the cherry brokers forum and see if any support can be obtained as many follow these feelings in respect of the FSA and their single minded support for the banks

  5. Neil Liverside
    Well done! On paper we have got AIFA and AMI who iare meant to lobby our case, we also have the CII who have a vested interest in more exams, they are all,too busy paying lip service to the FSA.

  6. Political Lobby Group
    As a long standing IFA of 20 yrs plus I am 100% in favour of any call to arms to lobby for our cause. We can all see what a shambles the FSA have made of their watch and the rewards they have all gleamed from our regulatory fees -now thay want to squeeze us further with the costs and loos of earnings to get to RDR. I am all for regulation if it done fairly, correctly and cost effectively. Well done Neil!

  7. Political Lobby Group
    A great idea, we need to start as a group defending ourselves from the continous and quite frankly unfair and basised approach towards small ifa companies. It is without doubt their intention to squeeze us until we can not breath anymore and then we are no longer a problem to them. I’m sure you will have many advisers joining forces with you to give a signle voice to the bullying methods employed by the FSA

  8. Political Lobby Group
    A fantastic idea and well done! I have been advising my clients for over 20 years with no complaints to date and whilst I think we should all raise our professional qualifications RDR will almost certainly be the end of the road for advisers who like me do not have a client base of high net worth clients. RDR will be the end of my IFA business as I will not be able to carry on trading on fee only business. The FSA want IFA for the high net worth clients and the rest can get ripped off by the banks or get no advice from some form of Money Supermarket .CON
    The FSA are a joke and have no idea what they are doing, how is reducing the availability of advice to the general public the right thing to do.

  9. Polictical lobby gorup
    Count me in, an IFA of more than 34 years, I now seriously thinking of giving it,,,,I am sick fed up with being pulled and pushed by the idiots at the FSA…the latest propossals will do nothing to improve the flow of advice across the lower paid/ less well off, only serving to increase the divide….

  10. we need to take a stance
    The FSA do not realise the extra time and expense that small brokers will incur with the RDR.They are going to put many of us out of business.This will leave the public with the banks to turn to for protection etc and we all know the high level of complaints they have due to the high pressure sales tactics.
    What happens after 2012. Will they raise the bar again?

  11. Political Lobby Group
    Well done Neil and at last some sense! I have been in the industry over 20 years starting with collections at the door! Who now looks after those people? You are so right the RDR actually offers less choice for people to gain affordable advice. The Governement and FSA wish to push people into the Banks so they can service the large debts undertaken whilst those who gain the relevent qualifications hope to cherry pick those clients who can best afford advice. Not surprislingly those calling and supportng the RDR are the cheif execs of banks/networks etc. the type of “intelligent people who have just about brought the Financial Services to its knees! What happens to us that will not gain the qualifications? Thrown on the scrap heap and left to claim benefits after year of building up good businesses? Good luck Neil You have my support!

  12. Lobby Group
    Common sense is what is needed and a group of this type would deliver it. When the RDR was conceived the depth of this recession, the sustained fall in investment values and hence peoples retiremnt funds were not envisaged. Businesses are fighting to survive, people are losing their jobs – even the professional classes, who used to be able to pay fees! It was thought that Personal Accounts could be delivered and that workers would willingly save. It was thought that clients would all willingly pay fees. Life has changed. The UK is not saving and is under insured. The Country is almost broke and can’t support the demand for financial assistance either now or for the foreseeable future.
    What a great time to put IFAs out of business. We need more advisers offering more flexible remuneration options!
    Count me in!

  13. Lobby Group
    Too right !!
    It’s about time we got serious. If we don’t care about our clients the regulator certainly won’t !! Well done !!

  14. Political Lobby Group
    I agree that we need a lobby group which hopefully will have more clout than just individuals writing to their MPs about the ‘real ‘effects of the RDR for the general public. I have already been writing to my MP about the FSA treatment of IFAs and whilst I have had a polite reply I doubt that this will have an effect on policy. More details of this group would be greatly appreciated.

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