The Association of IFAs (AIFA) is calling on the adviser community to "unite and respond" to "potentially damaging" proposals to increase firm's regulatory capital.
It is asking members to complete an online survey which it says will guide its response to the FSA's Prudential Rules for Personal Investment Firms (PIFs) consultation. The paper suggests one-man IFAs will see their capital adequacy requirement double to £20,000, while for larger firms it could be significantly more. In its consultation, the FSA admitted "some firms will no longer find it profitable to continue operation". "AIFA perceives this paper to be of significant importance to individual firms and the profession overall," says AIFA director of policy Andrew Strange. "But we nee...
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