This is utter folly and the irony seems lost on the regulator that this will lead to fewer advisers and fewer members of the public receiving good advice. This is not news to advisers.
As the main “villains of the piece” (by complaint numbers) is the bank adviser community, who now scarcely exist, what precisely is costing so much? Almost everything is online, sales, revenues, complaints and queries can presumably challenge data supplied in a methodical fashion? I am completely dumbfounded at the assumption that more is better. Focus is better. Effective and efficient is better.
Oh well, I have had my share of the £xm FSCS levy today… for under-estimating the actual cost and failing to spot firms malpracticing…