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Apcims says members are paying for banking failures

The Association of Private Client Investment Managers and Stockbrokers says it is “deeply concerned” that the FSA is forcing its members to pick up the tab for banking failures.

Apcims says the fees increases announced yesterday in the FSA’s proposed regulatory fees and levies for 2009/10 have hit private client wealth managers and stockbrokers.

It says most will face increases ranging between 10 and 40 per cent depending on the size of the firm and the business mix.

Apcims Director of Regulation Ian Cornwall says: “The FSA has failed to provide adequate information to justify the precise increase in the fees. The lack of analysis and information within the FSA’s business plan and consultation paper on the proposed fees leaves our members unable to understand why such vast increases of fees have been proposed for their business.

“It is important that the regulator understands that the private client and stockbroking sectors have entirely different business models from the banking sector. Given the risk levels are considerably lower in our sector we should not be picking up the tab for banking misdemeanours.”

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