MP contacts Treasury after adviser letter as part of FTAdviser campaign

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
MP contacts Treasury after adviser letter as part of FTAdviser campaign

An MP has contacted HM Treasury after an adviser wrote to them as part of FTAdviser's Promote your Profession campaign.

Marco Turrent, director and financial planner at Richmond-based Journey Invest, wrote to his MP Sarah Olney after FTAdviser created a template letter for you to use and send to your constituency MP.

The letter template calls on the MP to address the issues of disproportionate fees and levies, a regulatory system that does not support entrepreneurial advisers and their clients, and the need for better financial education. 

Responding to the letter, Olney said she had written to HM Treasury on Turrent's behalf to address the issues he had raised.

The Lib Dem MP for Richmond Park said: "I wanted to reassure you that I am personally extremely committed to the campaign for financial literacy in this country [...]. As a qualified accountant, I have long realised the importance of improving education to ensure more of the population are safely able to manage their own finances."

Olney said she hoped to hear back from the Treasury in a few weeks.

Turrent said: "I think the FCA, although with the best intentions, is painting everyone with the same brush.

"As a consequence, small independent firms like ours, with the best interest of clients in mind and highly competitive fees, end up paying the price for the bad practice of others."

The Promote your Profession campaign, which aims to bring advisers, planners, paraplanners and brokers together to share best practice and encourage collaboration to boost the profession, launched earlier this month.

The aims are fourfold: 

  • To provide a forum where readers can share best practice and ideas for showcasing the professionalism of financial advice.
  • To bring expert commentary and insights from experienced professionals on building successful advisory businesses.
  • To promote ways to encourage school and college leavers to consider financial advice as an attractive, long-term career.
  • To lobby parliament and the Treasury to consider the importance of entrepreneurial financial services companies in the UK's post-Brexit regulatory framework.

damian.fantato@ft.com