AIFA: Existing regulatory structure 'unfair' on advisers

Stephen Gay, director general of AIFA, said the pressure to pay levies and comply with different financial regulators and an ombudsmen was unfair on advisers. "Advisers are being regulated by the Financial Ombudsman Service, the Financial Services Compensation Scheme (FSCS), and the Financial Services Authority," Gay said. "Nobody has looked at all of these things together and said: where is the straw that will break the camel's back?" Gay also warned intermediaries that the collapse US futures broker MF Global could result in FSCS levies similar to those imposed following the coll...