An action group set up to challenge the proposed increases in FSA fees for financial advisers has been established.
The Regulatory Fees Strategy Group, formed jointly by the Association of IFAs (AIFA) and the Association of Mortgage Intermediaries (AMI), will spearhead a campaign to have the proposals revised and FSA budgeting process overseen by the National Audit Office.
Members of AIFA and AMI are invited to join the group, which director general Chris Cummings says will be the "first in a series" of responses to the FSA's paper.
A consultation on fees and levies for the FSA, FSCS and FOS - part of the regulator's Business Plan for 2009/10 - suggests upping fees for all but the smallest businesses. The larger the firm, the bigger the increase.
"The proposals set out in the consultation paper pose a grave threat to many intermediary businesses, individuals and their clients," AIFA director general Chris Cummings says.
"No business can simply absorb an increase in costs to the extent proposed. The regulator has endangered some good, financially robust businesses, through these proposals.
"Doubtless, AIFA and AMI will not be alone in expressing surprise and disappointment with the regulator at this time."
Cummings says AIFA and AMI support the FSA's promise to charge banks and other organisations requiring the most regulation the most, but "cannot agree" with the increases for the intermediary community.
Members interested in joining the group should contact Tracy Elwick at AIFA on [email protected]IFAonline
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