IFAs have paid too much for too long - AIFA

Director general Chris Cummings says the FSA continues to penalise good companies for the actions of the bad, although the regulator says those firms "requiring the most regulatory work and engagement" will pay accordingly. The FSA claims upward of 10,000 small firms will see their fees reduced, but AIFA argues medium-sized businesses will see a 90% hike. It adds small firms operating as Appointment Representatives (ARs) will not benefit from the supposed fee-freeze: "They will have to carry this additional burden," Cummings says. AIFA is proposing an inflationary increase of no more ...