Advice firms spent almost £0.5bn on regulation in 2015 - APFA

The trade association's research also concluded advice firms now spend an average of 11% of their revenue on regulatory costs while direct regulatory costs have risen by 50% for smaller adviser firms. Direct fees for adviser firms with less than £1m annual revenue rose from £6,000 to £9,000 in the last year, APFA found. Although indirect costs for all firms have fallen since 2014/15 in absolute terms, according to the research, firms in the £250-£500,000 revenue category have seen indirect costs rise by 50% from £30,000 last year to £45,000 this year. The estimated £470m spent on regu...