The good guys shouldn't pay: 3,000 PFS members gear up to press MPs on FSCS levy

The PFS template, produced earlier this week, was designed to help advisers write to their local MPs to tackle issues such as the rising professional indemnity insurance premiums and the FSCS levy.

PA is working alongside advisers, the PFS and PIMFA in a campaign to reform the levy, which places an unfair burden on advisers doing the right thing by charging them to subsidise malpractice.

Chartered financial planner and IFT Wealth Management chairman Laurence Turner was one of the first advisers to write to his local MP Holly Lynch over the issue: "While I have engaged with my MP in the past regarding the impact of over regulation on the local community, as a small firm you can sometimes be forgiven for feeling like a small fish in a very large pond.

"As part of a much larger and more united profession than ever before, I am confident we can make a difference to the current situation if we pull together and I am 100% aligned and appreciate the guidance of my professional body."

The PFS proposed its own funding solution, which it said enables consumers to benefit from enhanced financial education while delivering the same level of consumer compensation as the current system.

The body's solution, which would end the need for professional indemnity insurance, draws funding from both the market and a levy on the £9 trillion of retail investment assets in the UK.

PFS chief executive Keith Richards said "The rate of uptake for the new template is proof of the level of concern felt by the profession and the need for policy change. With 3,000 downloads within 48 hours, this clearly demonstrates the urgency for action felt across the personal finance profession.

"Many financial advisers have joined with us and independently raised concerns over the past few years. It is good to see more advisers taking the initiative, using the template and showing our profession can work together to compel our elected government to take notice and appropriate action."

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• FSCS
• levy