Financial advisers say the vacancy on the FSA Board left by the resignation of former HBOS chief Sir James Crosby must be filled by an IFA.
Current members come from a variety of backgrounds, including non-executive director of William Morrison Supermarkets, Brian Flanagan, director of group development and strategy at ITV, Carolyn Fairbairn, and chief economist at Morgan Stanley, David Miles.
However, advisers are shocked their profession is not represented, despite being heavily regulated, and argue consumer needs are neglected as a result.
Barry Williams of Regency IFA says he has no doubt a financial adviser should sit on the regulator's board.
"The board needs someone who knows about the financial advice business and who is in touch with the issues affecting us.
"For example, we've seen capital adequacy requirements increase at a time when money is tight because of the recession. An adviser representative of the board could voice our concerns to the FSA and bring some reality to their discussions."
Ian Lowes, managing director of Lowes Financial Management, says it would be nice to see advisers represented but thinks it is unlikely to ever happen.
"The first question that comes to mind is who would represent the views of adviser firms on the board?" he explains.
"You need someone with the right experience to help run an organisation as large as the FSA and they would need a broader knowledge than just the IFA sector. We're just a small element of what the FSA regulates, and I think it's very unlikely we'll ever have a place on the board."
Earlier this week, the Financial Services Consumer Panel (FSCP) also called for more consumer representation on the board. It has lacked a consumer spokesperson since Dame Deirdre Hutton OBE, a member of the National Consumer Council, stepped down in December 2007 to be replaced by Crosby.IFAonline
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