Apfa is calling on advisers to complete a survey on regulatory costs to allow it to better hold the FCA to account.
The trade body has launched a ‘cost of regulation index’ which it plans to use to monitor the annual direct and indirect costs of regulation and compliance.
It comes after Treasury select committee chair Andrew Tyrie called on advisers to provide a “robust” figure on total regulatory costs to hold the FCA to account in an interview with Money Marketing.
Apfa says the results of the research will be made available to Parliament, regulators and consumers.
Apfa director general Chris Hannant says: “We know the total amount of direct fees that the sector pays relating to the FCA, Financial Ombudsman Service, Financial Services Compensation Scheme and Money Advice Service, but there is no reliable data available about the indirect costs of regulation and compliance.
“To get this, we need advisers’ help. The more who take part, the more reliable our data will be and the more useful it will be in holding the FCA to account.
“We appreciate that collecting the information needed to complete the survey may take a while, but all responses will be hugely valuable and so we urge the industry to take part.”
Advisers can access the survey here.