John Glen MP: Consumers trust advisers more because they pay levy for failed firms

PIMFA Virtual Fest V2 2021

Sophie King
clock • 2 min read

Economic Secretary to the Treasury John Glen MP has said "responsible" advisers benefit indirectly from greater consumer trust because they stump up fees for the Financial Services Compensation Scheme (FSCS).

Speaking at a PIMFA event on Tuesday (9 March), Glen (pictured) acknowledged the growing concern around the escalating costs of the levy and, while he understood the frustration the profession may feel with increasing levy bills, he said it ultimately benefits advisers. "I want to reassure you the Treasury is working closely with regulated authorities to better understand this issue," he told delegates. "However, I would encourage you to remember that, while it is responsible firms that pay the levy, they do also benefit, albeit indirectly, because consumers will feel more confident a...

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