FSA moves to end fees-splitting

In a consultation paper on proposed changes to its fees policy for 2009/10, it suggests extending the use of special project fees to cover its costs when it spends £50,000 or more overseeing the project. “This will enable the FSA to recover such costs from the firms undertaking such transactions rather than it being spread over other firms not benefiting from the transactions,” the paper reads. The FSA also proposes extending the use of special project fees to recover £4.2m in costs as a result of supervising the introduction of Solvency II in the UK. It says this will be recovered only...