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Broker Talkback

Is the FSA justified in increasing adviser fees by 10 to 15 per cent to pay for the costs of its treating customers fairly initiative?

No 100%

No

“Given the amount of money that the FSA spends on parties and artwork, why can’t it get it back somewhere else instead of piling it on to IFAs?”

Ashley Clark, Roberts Clark Independent Financial Solutions

No “The FSA is a hugely expensive bureaucracy with questionable effectiveness. Look at Equitable Life and Northern Rock as examples of its effectiveness. I do not think any increase in fees is justified at all.”

Michael Stokes, Professional Advisory Service

No “It is already taking more than enough money. Too much money is going out that has nothing to do with running our businesses.”

Michael Alexander, Michael J Alexander Ingatestone Associates

No “It is not justified that advisers should have to pay more for an initiative that I believe is a complete waste of time.”

John Dixon, John Dixon Financial Services

No “I do not know if the FSA is necessarily treating us fairly. I think a few other things need to be investigated before it takes the easy option of increasing our fees.”

Gerry Reilly, GR Associates

No “I think this is all a bit of nonsense. It is talking about treating customers fairly but it is taking it out of our back pockets in order to do so. All the clients want is for things to be simplified and we are paying for things to get even more complicated.”

Gerald Stanley, Gerald Stanley Financial Services

No “It is difficult not to assume it is just FSA job creation. I just do not believe most firms would be in business if they were not treating customers fairly.”

Paul Duckworth, Paul Duckworth IFA

No “Not another fee. I am not against regulation in any shape or form but the financial services industry is in the doldrums and more fees do not sit very well with us at the moment.”

Bob Thomson, Access Mortgages

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