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A promise is a promise is a promise. The FSA pledged a year ago to consult on how to apply a consistent method for calculating firms’ expenditure-based requirement (EBR) and, so far… nothing.
FSA plans requiring IFAs to hold capital of at least three months of their annual fixed expenditure risk the sustainability of the sector, warns the Association of Independent Financial Advisers (AIFA).
The Association of IFAs (AIFA) says it is “absolutely vital” the FSA devises a fair method for firms calculating their Expenditure Based Requirement (EBR).
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All personal investment firms (PIFs) will have to hold capital resources worth three months of their annual fixed expenditure (the EBR), the FSA confirmed today.
The FSA is likely to bow to stakeholder pressure by dropping plans to force firms to hold three months' worth of fixed costs as part of its capital requirements for investment advisers, Professional Adviser understands.
With-profits policyholders could see reductions in payouts for years ahead because of government moves to implement a new 30% tax rate on surplus assets of with-profits funds, Norwich Union says.
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