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Apfa launches regulatory costs survey to hold FCA to account

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.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. APFA hold the FCA to account? April Fools’ Day has come early.

  2. I wish APFA luck but lets be honest here. If MP’s cant do this, the TSC cant do it, Parliament cant do it, what chance has APFA? That having been said we should all do our bit to at least demonstrate how ridiculous the regulatory costs are. For oncelets club together and get them as much ammunition as they need.

  3. The only certainties in regulatory land are (a) it costs more and more each day, (b) the failures increase in size each time, (c) ultimately it is the consumer who pays and (d) the consumer is still exposed to far more risk than anyone with an ounce of common sense feels comfortable with.

  4. Here Chris; here is an idea for you, don’t waste your time and money

    OFT has just done this (by and large) this is far more damning than asking us IFA’s to do a cost analysis on what regulations costs us.

    This OFT report shows in no un-certain terms the sheer waste of money (and money they waste) the FCA and PRA are.

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