AIFA welcomes FSA's FSCS reform

The FSA agreed the move at its last board meeting. The FSA says it could see a significant reduction in the fees that IFAs pay as future costs are spread more evenly across the financial services industry. The reform follows an AIFA-led lobbying campaign. Chris Cummings, director general of AIFA, says: “The compensation scheme is a vital regulatory safety net which helps maintain consumer confidence in the financial services industry. But it is in need of urgent reform if it is to continue to deliver its objectives. “We will soon have a fairer and more robust compensation scheme...