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Broker Talkback

Is the FSA justified in increasing IFAs’ fees to pay for retraining its staff on principle-based regulation?

Yes 12%
No 88%

No

“The FSA is a law unto itself as it spends other people’s money with gay abandon. It has never demonstrated that it has provided value for money in anything it has ever done.”

Simon Webster, Facts and Figures Financial Planners

No

“This is internal training for staff on yet another tranche of rules. We should not be paying higher fees for this – it should come out of the normal fees.”

Simon Neal, Cornerstone Financial Planning

No

“Nobody pays for our training. We are not allowed to increase our fees yet all the FSA has to do is snap its fingers. It is morally wrong.”

Donald Muir, Scott Muir Financial Services

No

“They are too dictatorial. They are spending money they haven’t got and they should put their own house in order before hiking up the fees.”

Graham Carver, York Financial Management

No

“It is very hard to think of a justification for these rises and certainly not the ones they have given. Once more, the burden is borne by the IFA.

Martin Pankhurst, Pearce Pankhurst Financial Services.

Yes

“I suppose the staff do need training and the money has to come from somewhere. It seems that as IFAs fund most, if not all, of the FSA that we would be the ones paying for it. But it would be nice if they could get more fees from the product providers who are far wealthier than us.”

Tony Van Der Molen, IFA

No

“I do not think they are justified in the slightest.”

Christopher Bishop, Gracechurch Associates

No

“The FSA is in a unique position where it can charge whatever it likes and there is nothing we can do. It is a total abuse of power.”

Henri Berest, Strategic Financial

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