Together we are stronger
The independent financial services sector in the UK is currently under serious threat. Adviser numbers are diminishing, costs are rising and the regulatory bodies are continuing to control the direction the industry is heading in with little regard to those it purports to regulate, or the consumer.
We run the risk of losing market share to the banks and the insurance companies via FAMR. What is happening now will define and shape the future of impartial advice in this country for the next 20 years.
Which is why we, as an industry, must now unite as one to shape the future of financial services before the FCA can get its act together. In particular, we must remove this nonsense of an “Independent” regulatory regime and demand that it be accountable to Parliament, the consumer and to the industry it claims to serve.
Recent events have seen Libertatem receive more membership applications in the last fortnight than in the previous two months, with many advisers citing the result of the referendum as being their primary reason for joining.
Many are justifiably worried about what will happen now the FCA will no longer be influenced (or hindered) by the French and Germans.
This hiatus has given us – as an industry – a big opportunity to reform the way Government works, help shape Treasury policy and bring back both real accountability and democracy to regulation. If events continue to unfold as planned, Libertatem will be ideally placed to extend its influence in Government to bring about a better deal for impartial advisers in the UK.