An investment and protection IFA has logged a petition with Downing Street calling for the disbandment of the current FSA senior management.
Neil Liversidge, an adviser at Castleford-based West Riding Personal Financial Solutions, says FSA chiefs have "seriously harmed" the financial wellbeing of the UK population and now threaten to harm small firms and consumers through "over-regulation".
He set up a lobby group in July - the Independent Financial Advisers' Political Action Committee (IFAPAC) - and is calling for like-minded owner-managed IFAs to join and sign the petition.
Anyone can create and sign petitions on the Downing Street website, and Liversidge says he knows of at least 200 people in the industry who will sign his. "How many people do I expect to sign it? How long is a piece of string?" he says.
Liversidge says the RDR will drive small firms out of business and restrict the availability of advice to the wealthy.
"Regardless of the amount of spin going on, the RDR is bad news for everyone except banks, insurance companies and those IFAs who service the high net worth market," he says.
Not everyone agrees with Liversidge on the RDR though. One IFAonline reader says: "I wish everyone would stop whining and realise this is the best thing that could happen for the industry.
"The chance to be upfront with customers about what they pay for and what they will recieve for it, and the chance to design your own income model rather than it be dictated by a provider. Have you actually even read the RDR?"
Anyone interested in finding out more about IFAPAC and the petition can call Neil on 07904 332531 or email him at [email protected]
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