Financial Planner and IFP member Martin Bamford has received a response to his FSCS funding petition from Martin Wheatley.

Mr Wheatley, managing director of the Conduct Business unit at the Financial Services Authority, said the FSA was aware of the stregth of feeling around the issue.

Mr Bamford was campaigning for a fairer way of funding the Financial Services Compensation Scheme after being forced to pay a large interim levy of £60m for the losses of firms such as Keydata and MF Global.

His petition, which was online for just one day, received over 1,400 signatures and he then sent copies of this to the FSCS, FSA and Financial Secretary to the Treasury Mark Hoban MP.

In his reply, Mr Wheatley highlighted the importance of the FSCS in maintaining consumer confidence and said the FSA is committed to a review of FSCS funding.

He ended the letter by saying the FSA was open to hearing from Financial Planners on problem areas and how the system could be improved.

Mr Bamford said: “This is a positive outcome from the petition and shows the FSA is open to changing the funding model. “Everyone who supported the petition should be very pleased to hear this message from the FSA and we can be optimistic about the outcome from the funding review later this year.”

He encouraged Financial Planners to read the consultation paper when it is published and lobby the FSA accordingly.