Garry Heath and several industry veterans have launched a trade association for financial advisers.
Libertatem will focus on providing a voice for IFA firms and calling for accountable regulation.
Mr Heath, former director general of the IFA Association and the author of the Heath Report, said: “Because we have a Conservative government, there are no excuses any more. They talk a lot about deregulation and getting rid of quangos – let us see that talk turn into action.”
The association’s nine-strong formation committee includes its president Lord (Howard) Flight, Panacea Adviser’s Derek Bradley, Highclere Financial Services partner Alan Lakey and Connaught Group chairman Mark Learmont.
Subscription fees for IFA firms vary according to the size of the business.
Mr Heath said he wanted the association to represent 20 per cent of IFA firms in its first 12 months.
Mr Heath said that to enable the association to deliver a good service and quality representation, Libertatem would raise funding through growth of membership using adviser businesses and industry sponsorship. Members must be businesses and regulated by the FCA and PRA.
Matthew Phillips, managing director of London-based Thomas Miller Wealth Management, said: “We all want to see a vibrant and competitive financial advisory sector, and an effective trade body is one area that will bring benefits to this sector and lead to better client outcomes.”