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Aifa/Ami announces strategy group to challenge FSA fee increases

The Association of Independent Financial Advisers and the Association of Mortgage Intermediaries have announced the formation of a regulatory fees strategy group.

The group, to be chaired by Aifa and Ami director general Chris Cummings, is being formed in response to the proposed fee increases from the FSA.

Made up of Aifa and Ami members, the group will represent the interests of the intermediary community in its campaign to have fee increase proposals revised and FSA budgeting process overseen by the National Audit Office.

Cummings says: “We support the case made by FSA to charge the banking community more for its regulation, but cannot agree with the unwarranted level of fee increases proposed for the intermediary community, who have not caused the banking crisis but have been affected by its fallout.

“We are today announcing the first in a series of activities that we intend to carry out to respond to these proposals – the formation of a cross-industry body, the Regulatory Fees Strategy Group.”

All members interested in joining the group are asked to contact Aifa through director of public relations and marketing Tracy Elwick at tracy@aifa.net

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