FSCS Increase - Are you ready for the Fightback?
So, advisers have 7 days to stump up on average another £5,000 for FSCS. What are you going to do about it? Apart from pay up.
For 2 decades, the answer has been that advisers grumble and do nothing. For 2 decades, the adviser community has put its head down and tried not to get noticed. This creates a vacuum which power-hungry regulators are keen to fill.
What can be done? Firstly, asking your MP to write to the Treasury doesn’t work. The FSMA 2000 gave regulation “independence” from Government and Parliament.
As we have seen from recent letter writing campaigns, this allows Treasury ministers to avoid responsibility and they do. The FSMA 2000 does give one body in Parliament the power of oversight and that is the Treasury Select Committee (TSC).
So that is where we are going.
The TSC has been given the job of regulatory oversight but is often busy on other things so we need to push our issues higher up their agenda.
We have created a template for advisers and their firms to send to both TSC Chairman Mel Stride and their MPs to create a review of the all regulation and its costs.
We have also created a fact sheet on how to do it. How to Contact Your MP