Talking Heads: Should advisers include 'cost of regulation' in fees breakdown?

Adviser trade body the Association of Professional Financial Advisers (APFA) is surveying advisory firms on how much regulation is hitting their bottom lines. Its corresponding poll last year suggested businesses were being hit hard by the annual - and sometimes interim - fees levied by the Financial Conduct Authority (FCA) and the Financial Services Compensation Scheme (FSCS) among others. According to its 2014 findings, these regulatory costs - which included 'indirect' costs such as case-checking and general compliance - amounted to as much as 12% of turnover. To what extent are...