An IFA is calling for the financial advice community to unite in condemnation against the FSA's immunity from civil action.
Ashley Clark, who runs online advice proposition Need an Adviser, says it wants "10,000 united voices" speaking out against the legal protection afforded to regulators.
The FSA has immunity from civil actions under the Financial Services and Markets Act (FSMA) 2000, paragraph 19, Schedule 1.
Clark, who has also set up IFA support group AdvisersUnited, aims to start a campaign to fight the FSMA clause.
He says if it garners enough support, he may then look to "speak to barristers" and pursue a change in the legislation.
He says: "This all comes back to the fundamental question: who regulates the regulator?
"Our plan is to unite advisers, not to compete with other action groups out there.
"Nobody is rowing in the same boat. If we have 10,000 advisers all rowing in the same direction on this, that is a big voice. If it is just 50 people, it will never work."
Clark brought the issue of the legal immunity afforded to regulators to the public's attention earlier this month.
He says only the risk of prosecution or personal financial penalty for regulators will improve regulation and financial stability in the UK in the long term.
However, Clark says he has little hope a change of Government will make a difference.
"We are saying this issue [FSA immunity] must be on the political agenda. It isn't at the moment and it should be.
"The Conservatives say they will break-up the FSA if they win [the General Election], but nothing will change. It will be the same people in the same building doing the same things. All they will have is a different logo."
Advisers interested in Clark's campaign should click here.
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