The director-general of Libertatem, the newly-formed independent financial advisor trade body in the UK, has called for a new IFA regulator to be carved out of existing arrangements.

Heath spoke recently in favour of a new all-in-one body, which he seems to think should draw staff from the existing FCA, the Financial Ombudsman Service and and the Financial Services Compensation Scheme. He was addressing his appeal squarely at the people in charge of the current Financial Advice Market Review.

One of his arguments was related to cost. He condemned the extravagance of the FCA, which pays its top executives enormous amounts, and said that the opening of a headquarters far away from London would be cost-effective. He thought that money for the putative body's compensation scheme could come from a charge on funds similar to a product levy.

The aim of Libertatem - an actual name as Garry Heath disapproves of acronyms - is to take over one-fifth of the IFA sector in the UK. Some Heath-watchers over the years have formed the impression that he is not fond of regulators. Lord Flight, the Conservative peer, is the association's non-excecutive president.

HM Government launched the Financial Advice Market Review on 3 August, seeking views from all interested parties about how financial advice, considered in its broadest sense, could work better for customers. It is especially keen to hear views about:

• the regulatory or other barriers that firms may face in giving advice and how to overcome them;
• how to give firms the regulatory clarity and create the right environment for them to innovate and grow;
• the opportunities and problems presented by new and emerging technology to provide cost-effective, efficient and user-friendly advice services;
• how to encourage a healthy 'demand side' for financial advice; and
• the extent and causes of the advice gap for those people who do not have significant wealth or income.

Nick Prettejohn, the chairman of Scottish Widows Group, is in charge of the expert panel that will weigh all the arguments up.