FCA fines should contribute to cost of FSCS levy - PIMFA

Until long-term solution is agreed

Sophie King
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For now, PIMFA has proposed that FCA fines imposed on firms for regulatory failures, other than the small proportion given to charity, contribute to funding the FSCS.
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For now, PIMFA has proposed that FCA fines imposed on firms for regulatory failures, other than the small proportion given to charity, contribute to funding the FSCS.

Trade association PIMFA has urged for immediate action to be taken to reduce the cost of the Financial Services Compensation Scheme (FSCS) for advice firms until a long-term solution to the levy is agreed.

PIMFA said the ever-increasing levy is the "clearest indicator of consumer detriment" and work is needed to improve the regulation and supervision of this sector. However, as the Financial Conduct Authority...

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