More than 250 Financial Planners and wealth managers have backed a campaign group called Financial Planners United set up to help smaller firms fight soaring regulatory costs.

The group has been launched via LinkedIn to “unite the profession” and tackle a wide range of threats and challenges including rising bills.

It says its purpose is to “unify the profession; to provide a voice to the smaller firms that are unrepresented and facing often unfair challenges.”

A key aim is to provide a common voice on challenges faced by Financial Planners in relation to PI insurance, FCA fees and levies, compliance and regulation and consumer confidence.

Financial Planners have been outraged in recent months by soaring levies and PI bills.

Recently leading Financial Planner Darren Cooke, a member of the group, Tweeted: “FSCS bill has landed and it is up 42.6% with less than £100 of the increase not being due to the increase in the FSCS part. Add that to the additional levy we paid in January and this year my FSCS costs have risen over 90%. Something has to change.”

The group says on LinkedIn: “Together, we can tackle these issues, demand to be listened to, protect the smaller firms respected and valued in their local communities and ultimately improve the profession. Financial Planners United – Striving for Improvement.”

Members of the group so far include Andrew Elson, Chartered and Certified Financial Planner and managing director at Berry & Oak; leading Financial Planner Robert Reid; Sarah Lord, chief client officer at Succession Wealth; Eugen Neagu CFP Chartered Financial Planner at N2 Asset Management Ltd; Samantha Secomb FPFS, Chartered Financial Planner and director at Pentins and Women's Wealth; Emma Watson, head of Financial Planning at Rathbones; Caroline Stuart FPFS Chartered Financial Planner at Sparrow Paraplanning and Darren Cooke FPFS, Chartered Financial Planner at Red Circle Financial Planning.

The group can be viewed here: https://www.linkedin.com/groups/8966799/