AIFA hits out at regulatory fee hikes

The FSA announced in February that its annual funding requirement would rise by £80m this year. AIFA policy director Chris Hannant said the trade body was "concerned" about the hike. "The cost of regulation for financial firms is spiralling," he said. "Given the difficult financial environment advisers are operating in, we must question an overall budget increase across FSA, FSCS, FOS and Money Advice Service (MAS) of over 10%. More must be done to control costs. "In light of the salary freezes and reductions that we are seeing in the private sector, the provision of a salary increas...