APFA calls for FCA fees refund to correct 'error'

In its response to the Financial Conduct Authority's (FCA) consultation paper on regulatory fees and levies, which closed on Monday, APFA said it welcomed the regulator's proposals to correct an 'anomaly' in its fee allocations. The FCA proposed to merge adviser fee blocks A12 and A13 and create a separate block for firms that hold client money.  This meant advisers who do not hold client money will see their regulatory fees reduced by about £4 on every £1,000 earned - from £6.89 per £1,000 of income to £2.84 - the FCA estimated. APFA director general Chris Hannant (pictured) calle...