AIFA warns Govt over FSCS proposals

The Association also says IFAs are paying too high a share of the FSCS levy and says it will continue to campaign for lower levies for advisers. Commenting on the Queen’s Speech, Chris Cummings, director general of AIFA, says: “Guaranteeing substantially more than the current £35,000 of savers’ money could be detrimental to both consumers and the investment market; higher guarantees on savings may encourage people to keep their money in low-interest bearing savings accounts instead of investing in more attractive long term investments.” He fears consumers may be tempted by low-risk saving...