A petition is demanding soon-to-be acting head of the Financial Conduct Authority (FCA) Tracey McDermott enact an independent review of advice firm regulation, after an IFA was forced to pay a 320% increase in his Financial Services Compensation Scheme (FSCS) levy.
Paul Beasley, managing director of the Richmond House Group which has offices in Stevenage and Milton Keynes, started the petition two days ago to vent his "outrage" at receiving his latest FCA fee invoice this week. He has adressed it to McDermott (pictured), who will take over as acting chief executive from in September after Martin Wheatley's exit, Economic Secretary Harriet Baldwin MP and FSCS chief executive Mark Neale. According to the petition, Richmond House has been invoiced £53,000 of which £37,000 is in respect of the FSCS for industry-wide life and pensions claims. This co...
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