Yellowtail unbundles client invoices after regulatory bill doubles

Advisers across the country are this week receiving invoices from the FSA to cover the cost of the regulator, the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS). This year's bill also includes the cost of the recently-created "free" Money Advice Service (MAS). Dennis Hall, principal at Yellowtail Financial Planning, said he has received an invoice twice as high as last year's and, far from being free, the MAS will cost his clients about £10 a year each to "educate everyone else". Added to the costs for the FSA, FSCS and FOS, this rises to a direct...