AIFA slates FSA for providers' 'disproportionately low fees'

The financial burden of regulation is falling unfairly on smaller firms, while banks and other larger financial institutions pay ‘remarkably little', AIFA says in its response to consultation paper CP09/26, Regulatory fees and levies: policy proposals for 2010/11. It states: ‘The manufacturing community - life companies and fund managers - are paying disproportionately low fees compared to intermediaries." Life companies pay 12.2% and fund managers 7.8% of the FSA's 2009/10 annual funding requirement (AFR). Banks account for 28.5%. By comparison the investment intermediary sector...