FCA extends adviser fee deadline for majority of firms

For smaller and medium firms

Sophie King
clock • 1 min read

The Financial Conduct Authority (FCA) has extended the payment deadlines for 90% of financial advice firms due to the impact of coronavirus.

In a policy statement published in July, the regulator said it proposed to extent the period for "medium and smaller firms" paying their fees by two months to 90 days due to the impact of the coronavirus outbreak. This would mean 89% of firms will have until the end of this year to pay their fees and levies. Instead of having to pay their charges within 30 days of the date of the invoice, they instead have an extra 60 days. The FCA said it categorised medium and smaller firms as those who will pay total fees and levies in 2020/21 of less than £10,000. The regulator added it expects la...

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