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Adviser fees to rise in line with FSA predictions

Fee increases for advisers will remain around the same as the FSA forecast in February with the block comprising of most advisers seeing a 10 per cent rise.

The FSA announced today that fee rates for most firms would be lower than those proposed in February.

But the block comprising of the majority of advisers will see a 10 per cent increase, a very slight drop from the 10.3 per cent forecast,

The 40 per cent of advisers classified as small firms will see a 2.8 per cent rise due to the maximum cap, as was forecast in February.

FSA contact, revenue and information management division director Graeme Ashley-Fenn says: “We are pleased to announce that the FSA fee rates are lower than those proposed in the consultation, but we recognise that any increase will concern some of our fee payers. The FSA’s expenditure has increased this year, mainly due to higher Financial Capability and IT budgets and the cost of moving towards more principles-based regulation, but the investments being made will enable us to increase our effectiveness and help us to deliver our statutory objectives.

“We are committed to making it easier for firms to do business with the FSA, and firms will be able to use our online Fee calculator to get an indication of the fees they will actually pay.”

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