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FSA continues with adviser fee instalment plan

The FSA and trade bodies have negotiated another payment by instalments plan to enable advisers to pay regulatory fees in this way for the next year.

Rates of interest of 3.35 per cent, 9.2 per cent APR, or 2.85 per cent, 7.8 per cent APR, for trade association members have been negotiated for 2007/08 for firms wishing to pay fees by instalments.

In 2006/07 over 3,800 firms chose to pay by instalment. Premium Credit Limited has again been selected as the preferred supplier by the working group, and will continue to guarantee auto-acceptance to all FSA authorised firms.

FSA director of contact, revenue and information management Graeme Ashley-Fenn says: “I am delighted the FSA has again been able to negotiate very competitive rates for our authorised firms. The option to pay by instalments is a key part of making the FSA easier to do business with and is especially valued by smaller firms.”

Aifa director general Chris Cummings says: “Having campaigned for the introduction of the scheme, we are pleased that it has been such a success and that members will continue to benefit from preferential rates and the ability to improve their cash flow. This is a good example of trade bodies and FSA working together to bring about a positive outcome for firms.”

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