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Aifa and Ami urge members to respond to proposed FSA fees

The Association of Independent Financial Advisers and the Association of Mortgage Intermediaries are calling on all members to submit responses to the FSA’s 2009/10 fees proposals.

The Regulatory Fees Strategy Group, formed by the trade bodies to lobby against the fee increases, has issued a key-points briefing to highlight the relevant issues members should cover in their responses.

Aifa and Ami director general Chris Cummings says the FSA has to reconsider the fee block charges for intermediaries and reduce the costs.

He says: “If this means other, higher risk, business models in other fee blocks pay more, so be it. Those who have caused the crisis should pay more to be regulated. If these proposals go through unchecked, IFAs and the wider mortgage intermediary community will have been unjustly penalised for the failure of others.”

Cummings says the FSA should spend the next 12 months reconsidering its funding model under a full scale funding review.

He says: “Such a review should lead to both the FSA budget being subjected to regular scrutiny by the National Audit Office, and the Public Accounts Committee overseeing FSA spending.

“It is essential that the intermediary community speaks with one voice on this issue. The combined response from members to FSA on issues such as the RDR and the Financial Services Compensation Scheme has shown the difference it can make. There has never been a more important time to stand behind your trade association and help us to fight on your behalf.”

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