The British Insurance Brokers' Association (BIBA) has hit out at the industry's regulators for imposing what it calls ‘disproportionate' fee hikes and one-off levies on its members.
Ever tried reading Finnegans Wake or Moby Dick? How about Les Miserables, or maybe an FSA consultation paper...?
AIFA has hit out against proposed FSA levies as ‘poor value for IFAs' because it says they bear no link to real-life risks posed by advisers.
The FSA will charge firms a minimum £10 levy to fund the set up of a proposed Consumer Financial Education Body (CFEB).
The amount of FSA funding paid for by IFAs will fall by 8% to £40.2m in the upcoming financial year.
AIFA has criticised the FSA for charging life companies and fund managers ‘disproportionately low fees' compared to intermediaries.
Advisers should to be allowed to claw back some of their FSA levy if they actively invest in consumer education of finance, according to a proposal being tabled to the FSA.
The Financial Services Authority is talking tough on IFA payments for the FSA levy as it warns the regulatory body will take IFAs to court to recover fees if necessary or withdraw a firm's authorisation to trade.