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The pick of this week's articles on IFAonline...
Advice firms will pay £38.4m towards funding the Financial Services Authority (FSA) in 2012/13, the regulator proposed today.
The Financial Ombudsman Service has hinted at higher levies for the industry as a result of another spike in payment protection insurance (PPI) claims.
Other levy articles
The Financial Services Authority’s (FSA) proposal to base advisers’ regulatory fees on income rather than size is a tax on success, Derek Bradley, chief executive of PanaceaIFA has said.
Stockbroker and investment managemer Charles Stanley has hit out at the Financial Services Compensation Scheme (FSCS) and called for a different levying system after being hit with a £2.6m bill to compensate Keydata customers.
The Financial Stability Board (FSB) has launched its second probe into bonus culture and invited financial service providers to submit their views.
AWD Chase de Vere has reported reduced earnings for Q1, blaming the increasing cost of regulation.
The FSCS has admitted flaws in its funding model in the wake of industry outrage over the interim levy.
SIPP provider James Hay has entered into a war of words with Rowanmoor over the FSCS levy and whether it should be passed to clients.
Rowanmoor Pensions has confirmed it will not pass on its FSCS levy to consumers.
Tim Sargisson, the managing director of James Hay Partnership, has defended the provider’s decision to tell clients the FSCS levy may be passed to them.
SIPP provider James Hay Partnership has written to clients saying it reserves the right to pass on the cost of the FSCS levy to them.
A total of 678 signatures have been collected for a petition to the FSA and the Treasury calling for a review of the funding of the FSCS.
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