03 Nov FSA Plans to Change IFAs’ Regulatory Fees
The FSA have announced that they are proposing a change on the way regulatory fees are handled for IFAs, stating that they are looking into changing the basis on which such fees are calculated from the number of approved person's to the firm's income.
It has since published a paper on policy proposals for regulatory fees and levies, stating that the current fee regulations fail to take part-time working or job-sharing arrangements into account.
According to Money Marketing "Fees for firms in the A.13 block, which includes most IFAs, are based on the number of approved persons registered under the CF30 function."
The FSA commented " Working with an obsolete tariff base is inefficient and generates more work for us and firms.
We need to establish a fair and more efficient way of calculating the fees for these blocks."