The Association of Professional Financial Advisers (APFA) is claiming a key victory in the fight for fair regulation of advisers following news that European Union ministers have dropped a proposal to cap fees for advice.
The measure was included in the draft regulation on key information documents for investment products (PRIPS) put to the European Parliament for approval yesterday. In Article 13 (d) of the draft paper it stated: "When an hourly rate is charged, the total amount charged for providing advice shall not exceed €200." APFA director general Chris Hannant said: "We have been pressing MEPs hard to have it quashed, and thanks to our efforts it has now been withdrawn. "Capping the amount advisers can charge amounts to a form of price control. History has shown it doesn't work. "Regulator...
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