Our day of action calling for a fairer Financial Services Compensation Scheme (FSCS) received overwhelming support from the IFA community, with 1,421 advisers signing the petition and sending an email to Mark Hoban MP, Financial Secretary to the Treasury.
The petition and emails called for two things:
1 – Better categorisation of firms within the FSCS funding system. Fund managers should pay for the failure of fund managers. Stockbrokers should pay for failed stockbrokers.
2 – Greater awareness of the funding of the compensation scheme; IFAs and our clients pay for the FSCS, the public should know about this.
A big thank you to all those who signed the petition, posted messages on Twitter using the #HelpUsHoban hastag and emailed me with messages of support.
I would also like to say thank you to IFA Life and Nucleus who sent a link to the petition to their members.
Thank you to Money Marketing, New Model Adviser and IFAOnline who ran (and updated) stories during the day which helped to raise awareness of the campaign.
Today I will be writing to Mark Hoban with a copy of the petition and all 1,421 signatures. I will also write to Hector Sants at the FSA and Mark Neale at the FSCS, to ensure they are aware of the strength of feeling over this issue.
As soon as we receive responses, I will post them here.