The Financial Conduct Authority (FCA) has sent out 4,600 letters to firms asking them how much it would cost them to implement European legislation the Markets in Financial Instruments Directive (MiFID II).
Outside analysts have cost the Financial Conduct Authority (FCA) £76,885 since June, for work done predominantly on consumer credit.
Almost half of financial advisers have turned away clients this year because they felt their services were too expensive for them, according to research commissioned by the Association of Professional Financial Advisers (APFA).
The FSA has made a major revision of the cost of adviser charging for intermediary firms, having previously said its implementation would require negligible investment.
The FSA has made a major upward revision of the RDR's costs in its policy statement today.
The FSA's cost-benefit analysis of its menu proposals implies IFAs will be squeezed between falling commissions brought about by greater market transparency and rising compliance costs.