Pressure to meet the cost of FSA, FOS and FSCS levies has in recent months caused serious friction as some adviser operations feel they are being asked to pay costs which do not relate to their business.
Seeking a solution to the rising cost of regulatory fees, David McMeekin of Foundation Financial Consultancy in Banbridge suggests the charges should be based on turnover or new methods found for highlighting the impact of such costs to clients. ”As a small rurally-based practice in Northern Ireland, we do very little investment business. We maintain full FSA licences, PI cover, etc, in order to provide our clients with a full service. After leaving a network and double charging by the FSA, the regulator will extract around £9000 (including £2000 application fee) from our two-man practic...
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