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Positive Solutions Thanks Partners For Lobbying Success Over FSA 'Unfair And Excessive' Fee Rise
06/07/2009
Printable version
Printable version
Lobbying success over FSA fee rise
Positive Solutions said lobbying by its IFA Partners was a key factor in persuading the Financial Services Authority to limit this year's proposed fee increases for advisers.
The UK's leading National IFA said of the 530 responses received by the FSA in relation to its proposals made in March for a 15 per cent fee hike, the majority came from its own Partners and their MPs.
In a note to Partners, Positive Solutions chief executive Jim Reeve offered his thanks for their "tremendous response".
"As you know I have been working with AIFA as part of the Regulatory Fees Strategy Group and we decided that as an industry we had to take action against what we saw as unfair and excessive rises in regulatory fees for intermediaries.
"Following your actions and those of AIFA I can confirm the FSA has chosen to slash its proposed fee increases considerably."
He said that the fee block that most affects its Partners, A13 (IFA not holding client money) the proposal was to increase the total levy to £50.5 million from £43.9 million in 2008/9. But following the lobbying the FSA has now announced a reduced figure of £46 million.
"Given that Partners generated more lobbying activity with the FSA and MPs than any other advisory business, I see this as a successful undertaking and would like to thank you for your efforts."
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The UK's leading National IFA said of the 530 responses received by the FSA in relation to its proposals made in March for a 15 per cent fee hike, the majority came from its own Partners and their MPs.
In a note to Partners, Positive Solutions chief executive Jim Reeve offered his thanks for their "tremendous response".
"As you know I have been working with AIFA as part of the Regulatory Fees Strategy Group and we decided that as an industry we had to take action against what we saw as unfair and excessive rises in regulatory fees for intermediaries.
"Following your actions and those of AIFA I can confirm the FSA has chosen to slash its proposed fee increases considerably."
He said that the fee block that most affects its Partners, A13 (IFA not holding client money) the proposal was to increase the total levy to £50.5 million from £43.9 million in 2008/9. But following the lobbying the FSA has now announced a reduced figure of £46 million.
"Given that Partners generated more lobbying activity with the FSA and MPs than any other advisory business, I see this as a successful undertaking and would like to thank you for your efforts."