IFAs have paid too much for too long - AIFA

clock

The FSA's "astronomical" proposed budget increases for the coming financial year will endanger the survival of good firms, the Association of IFAs (AIFA) warns.

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 ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Government's FOS reforms 'a mixed bag'

Government's FOS reforms 'a mixed bag'

Some changes appear to be ‘lacking in any substance,’ commentators say

Isabel Baxter
clock 16 July 2025 • 4 min read
PA360 North: First speakers revealed!

PA360 North: First speakers revealed!

Event returns to Warrington later this year

Professional Adviser
clock 16 July 2025 • 1 min read
FCA fines Barclays £42m over anti-money laundering failings linked to WealthTek

FCA fines Barclays £42m over anti-money laundering failings linked to WealthTek

Bank accused of missing basic due diligence checks as £34m was deposited into WealthTek client account

Sahar Nazir
clock 16 July 2025 • 2 min read