1st September 2010

IFA letter of the week

part of keyboardI have sent this to the current (Labour) MP & the Conservative PPC for the area. I just think it is the end for loads of small people like me...

I guess I should be ashamed of my income, but I am trying to do it the 'new' way and charge fees but my clients are ordinary people.

I pay 2 employees to do loads of ground work for clients and accounts etc. I just think this will be the end of my 30 year career in Fin Svs.

I beg you to PLEASE make time to read this article and the comments on the next 4 pages too.

Please forgive the spelling errors and grammar as you will realise that the respondents are in great distress.

This article is suggesting that the Financial Services Compensation levy will be issuing onerous fee:

'The investment intermediation sub-class has approximately 6,500 firms, which equates to an average payment of just over £10,000 per firm.'

  • I have not made £10,000 profit in any year of trading.
  • I have not been able to pay myself £10,000 in any year of trading
  • This is just one levy, in addition to the FSA and the Ombudsman fees
  • I have never advised any client to invest in any of these firms that failed & created the cost.
  • I will not be able to stay in business therefore 3 more people unemployed and claiming benefits
  • And over 500 people with no one to turn to for impartial independent advice
  • I am proud of my reputation and that all my business comes from referrals.
  • These companies were authorised and regulated i.e. verified as OK by the FSA as were the banks.
  • Why have I and my peers got to lose our livelihoods and careers because of a government body oversight

I am sorry, I am so distressed by this that I am beyond anything. Perhaps you would make time to come and see what I do for my clients and then perhaps common sense could prevail if you made the senior people in the Party realise what is really happening to hundreds of businesses to the detriment of the population? Please?

Kind regards,
Lyn Cooke Associates Limited
Independent Financial Adviser

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