We aim to help IFAs fight regulatory injustice,
this Adviser Defence Union is:
- Committed to protecting the interests of all
Financial Advisers in the UK whether they are
directly authorised or appointed representatives, in
town or country, and in all areas of activity.
- At a wider level, aimed to promote the interests
and defence of financial advisers in Parliament, in
the media, and to the general public.
- 1. Reform of the regulatory system under
FSMA 2000/the DISP:
(a) to require FOS to apply legal principles - e.g.
regarding the quality of evidence - consistently. This
would require a repeal of Section 228 which gives FOS
carte blanche to do what it likes.
(b) to require the FOS to adhere to its own rules
e.g. regarding time limits for referral of complaints.
(c) to require the FOS to apply the law as it
(d) to require FOS to make available decided
complaints in full as with civil courts.
(e) to create an independent appellate body to whom
both complainers and IFAs could appeal - such body
would include personnel from both the IFA and legal
professions who are of proven experience and ability.
(f) to provide for IFAs to recover the case fee
from FOS in cases where the appellate body overturns
(g) to make complainers liable for the IFAs costs
in the event that either the FOS or the appellate body
decides the complaint is frivolous or vexatious (but
not for bona fide complaints which are rejected) but
to make FOS liable for expenses in all cases
overturned by the appellate body.
(h) a power, if not a duty, on the FOS and the
appellate body to report to the police instances of
suspected attempted fraud by the application of false
Amend FMSA 2000 to state clearly that the FOS and
the regulatory system are as subject to the European
Convention of Human Rights as is any other public body
and any other public Act.
- 3. Freedom of Information
To amend the Freedom of Information Act to ensure
that the FOS is subject to disclosure and that the
fees charged are reasonable for doing so.
By identifying and focusing on a limited number of
simple issues then the campaign for reform need not to
become personalised and, therefore, will avoid the
inevitable heat that personalisation will generate -
thereby ensuring that energies are directed where they
The ways to achieve this:-
- 1. All IFAs lobby their MP's on exactly the
same terms on a regular basis. This does not just
mean 1 or 2 IFAs in each Parliamentary constituency
- but every single one of them. This should be done
regularly and also in person.
- 2. Select a case for Judicial Review of a
FOS decision and seek declaration from the Court
that FSMA 2000 is not compliant with the ECHR.
- 3. Pursue a case in the European Court of
Human Rights against the UK Government re the
non-compliance of FSMA 2000 - (IFADU is engaged in
- 4. Keep lobbying every single MP - written
personal 'phone and e-mail contact.
If you think we have forgotten something please let