Tenet repeats call for product premium to fund regulators

The group suggests a regulatory compensation scheme premium would work by charging a percentage of the investment or product contribution, akin to that of insurance premium tax (IPT) on general insurance products. Though it accepts the principle of FSA and FSCS levies, Tenet argued this would be a "fairer and more transparent" way to fund the industry and is preferable than the current system of firms having to factor "these ongoing [levy] increases into their fee structures". The group said this could at least be an interim solution until a "fundamental review of the entire industry ...