PFS joins calls for policy levy to combat 'unsustainable' adviser fees

Carmen Reichman
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Professional adviser body the Personal Finance Society (PFS) has called for the introduction of a product levy to help reduce the regulatory cost for advisers.

The body wants to introduce an explicit fee on investments or policies paid for by the client to bring down the overall cost for firms. Alternatively, it called for regulatory fines, currently collected by the Treasury, to be redistributed to the industry in the form of a regulatory dividend. A reader survey conducted by Professional Adviser's sister title Retirement Planner, showed advisers were in favour of a product levy to fund the Financial Services Compensation Scheme (FSCS). Related reading: Hargreaves Lansdown attacks 'extremely frustrating' FSCS funding model The PF...

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