APFA rallies members on FCA fees

APFA's concerns about the proposed FCA budget for 2013/14 are that it does not reflect the relative risk posed by the sector nor the focus of the FCA's own business plan. Financial advisers' share of the bill is higher than that of life companies, general insurers or mortgage lenders, which APFA said does not match the FCA's proposed work load. Adviser costs for the FCA have been raised 13% to £41.9m for 2013/14. Last year advisers in the A13 group - which do not hold client money - paid £37.1m to fund the Financial Services Authority (FSA). Investment intermediaries that do hol...