FSA ups adviser fees to cover staff costs

Minimum fees payable to the FSA will increase by 2.5% for small IFA firms this year, however, the implementation of the EU's Markets in Financial Instruments Directive (MiFID) could lead to further rises, the City watchdog claims. Its Business Plan 2006/07, also reveals an increase in staff bonuses from 7% to 10% for the year and it says the increase in payroll-related costs will result in "a 6% increase in our cost base overall" The FSA proposes minimum fees for small financial advisers and mortgage and general insurance intermediaries will rise by no more than 2.5%, while fees for the...