Action group Financial Planners United has encouraged advisers to write to the Treasury Select Committee directly in a bid to tackle the issues of rising regulatory costs.
In an email sent to members last week (11 September) and seen by Professional Adviser, the group, which was set up in an effort to unite and tackle the sector's biggest problems, urged members to contact Treasury Select Committee chairman MP Mel Stride asking him to open an investigation into the rising regulatory costs.
Founding member and Leeds-based Victoria Hicks (pictured) said that by contacting the chairman, advisers will be going "that one step further" instead of going to their local MPs first. A letter template, which was written by Financial Planners United founding member and Compliance News chairman Phill Dibbs, has been provided to help guide advisers when they write to Stride.
Hicks told PA the group's hope was to get to the people who can hopefully make a difference: "What we need is an investigation to take place into regulation and the costs that are associated. It's not something that's going to go away.
"It's not the first year of an increase, this has been something that has been bubbling away for a number of years. Looking forward, its something that is only going to get worse. Something has to be done."
Advisers have become increasingly frustrated at the rising Financial Services Compensation Scheme (FSCS) levy, Financial Conduct Authority and Financial Ombudsman Service costs. In July, advisers saw their annual regulatory bills shoot up to new heights with the FSCS levy appearing to be to blame. At the time, some reported an increase of upwards of 50% on their annual bill.
Once the issues with costs have been sorted, Hicks hopes the group will become a place to spread positive awareness about the financial services sector and not just a place to complain about the issues.
"Moving forwards we don't just want this to be a platform where we're talking about negative things. There's a lot of positivity in what we do, loads of value that we bring as financial advisers," she said.
"As a group we want to be able to move on from this and talk about all of the positives that we do and try to improve the reputation of the profession."
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