An action group set up to unite advisers in calling for fairer regulatory costs is asking MPs on the Treasury select committee to order an inquiry into the burden faced by the profession.
Financial Planners United was set up last month to bring advisers together in their efforts to put pressure on the government and regulators to tackle this issue.
In the first phase of the group’s efforts, advisers wrote to their MPs about the matter and they also discussed what further steps could be taken to galvanize action.
Following a conference call last week, the group decided to lobby the TSC directly.
Writing in the group’s LinkedIn page, City and Capital Group director Victoria Hicks said: “You will have seen over the last couple of days, that a strong number of advisers have issued letters to their MPs.
This is great – please continue to do so, but now we also want to go further, straight to the people who can and should embark on a detailed enquiry into regulation and its costs!”
Hicks’ post included a template letter addressed to TSC chairman Mel Stride, which makes a point that The Financial Services and Markets Act 2000, which made regulation in the UK notionally independent of government, allows HM Treasury to “blank MPs requesting change or action.”
“Recent campaigns demanding action over regulation and its costs have fallen down this rabbit hole,” Hicks wrote.
“However, there is one parliamentary body that has oversight and that is the TSC which can order enquiries into any aspect of regulation.”
The template letter is based on a letter compiled by consultant Phil Dibb, which asks the government to consider the effectiveness of regulation, as well as its costs’ impact on advice firms. Advisers are asked to personalise their situation in their letters – including increases in their latest regulatory bills, or to use their own wording, should they wish to.
The group, which was set up by Dibb, Hicks and MPA Financial Management managing director Phil McGovern currently has 382 members on LinkedIn.
In her post, Hicks also encouraged advisers to ask additional planners to join the call on the TSC.
The letters are to be sent out this week so they arrive en masse.
