AIFA urges Osborne to rethink fines grab

clock

The Association of Independent Financial Advisers (AIFA) is urging the Chancellor to reconsider plans to direct regulatory fines to government coffers.

In the light of the Barclays LIBOR scandal, George Osborne announced he would change the rules to ensure that fines go into the Exchequer's pot to "help the taxpaying public". Under the current system, fines are used to offset the following year's fees and levies. Chris Hannant, policy director at AIFA, confirmed he was writing to the Treasury on the issue and explained the trade body's concerns. "Although it is inappropriate that banks should benefit from their own fines, to effectively punish the wider financial services sector doesn't seem right to us," he said. "Even if they...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

PA360: FCA's Hulme - Targeted support will 'never' replace holistic financial planning

PA360: FCA's Hulme - Targeted support will 'never' replace holistic financial planning

A ‘broader stepping stone’ to fully fledged advice

Isabel Baxter
clock 01 May 2025 • 2 min read
FCA on finfluencer financial harm: 'We need people to sit up and take action'

FCA on finfluencer financial harm: 'We need people to sit up and take action'

Treasury Committee questions regulator on the impact of finfluencers

Isabel Baxter
clock 01 May 2025 • 4 min read
FCA's data reporting cuts: 'A start but fairly low hanging fruit'

FCA's data reporting cuts: 'A start but fairly low hanging fruit'

Impact is yet to be determined but a positive step, commentators say

Isabel Baxter
clock 29 April 2025 • 4 min read