AIFA wants generic advice costs shared

In its response to yesterday’s Thoresen Review interim report on Generic Financial Advice, the trade body says consumer credit and debt management firms should also share in the development cost. AIFA director general Chris Cummings says the £40m to £80m figure proposed is “a great deal of money”. “Our members already pay a lot in regulatory fees and any additional contribution must be kept to an absolute minimum and be thoroughly cost justified,” he says. “Ultimately, those who pay most should benefit most.” While he agrees with the interim review, Cummings called on the label ‘advice’ ...