Advice industry could see MAS fees cut 94%

Currently, the amount specific Financial Services Authority (FSA) fee blocks contribute towards the MAS mirrors the proportion they pay towards the FSA's periodic fees. For 2012/13, this means adviser firms housed in the A.13 fee block paid a share of £4.6m, or about 10%, of the MAS's £46.5m estimated annual running costs. However, the MAS said this does not reflect how consumers use its services, and is proposing firms in the A.13 block should contribute a share of only 0.7% of its annual costs. Applied to the 2012/13 period, this would have meant the A.13 fee block paying £300,000 t...