In this virtual interview PIMFA senior policy adviser Simon Harrington sat down with PA's Tom Ellis to discuss how the trade body is trying to bring about change to the Financial Services Compensation Scheme levy - or more specifically regulation more fundamentally - to create a fairer market for financial advisers.
The rising costs of the FSCS levy has left many advisers feeling frustrated, and several bodies, including the Personal Finance Society and PIMFA, have argued the current system is outdated. Last year it was reported that advisers would once again face higher regulatory bills as the body was set to raise its overall levy to £635m for 2020/21 with intermediaries stumping up £213m. The total levy is up £87m on the previous year. The FSCS blamed an increase in self-invested personal pension operator failures and pension advice claims for the rise. Collectively, advisers are set to be billed...
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