Advisers opting to pay their regulatory fees in instalments this year face an interest rate of 9% APR, 0.3% more than two years ago but less than last year.
The charge, less for trade body members, has been negotiated by the FSA with Premium Credit Ltd, which also supplied the service in 2006/7 and 2007/8, and the regulator says more than 4,300 firms chose to pay by this method last year. Earlier this month Professional Adviser, print title of IFAonline, highlighted the increase since 2006/7, pointing out the UK base rate has dropped from 5.25% to just 0.5% over the same period. However, Premium Credit's rates are favourable compared with several other providers and last year the APR charge was 9.2%. The FSA says it is up to firms to decide...
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