APFA tells FCA to release fines to cover compensation costs

APFA chairman Lord Deben said employing a combination of product levy and contribution from fines would be the fairest and most effective way to levy compensation cost on the industry. Currently the regulator has to hand all the money it raises through fines directly to the Treasury. FCA acting chief executive Tracey McDermott had told MPs in October the regulator was open to the idea of redeploying some of the funds to the industry, but said the FCA was not in charge of allocating the money raised from enforcement. The FSCS is expected to commence a review of its funding model sho...