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FSA fee rise cannot be justified

An open letter to the FSA

I feel compelled to write regarding the proposed FSA fee increase. You will no doubt be aware that the IFA sector has the lowest number of complaints within the industry and therefore this should be recognised in the level of fees being charged.

Indeed, Lord Turner stated intermediaries have paid too much for too long, which is why this dramatic increase of around 36 per cent in fees cannot be justified in any way.

Regulatory costs should be proportionate and cost-effective, which these patently are not.

It is for these simple but wholly justified reasons that the FSA should only allow any increase to be strictly in line with inflation.

The FSA requires us to treat our customers fairly and it behoves those who regulate us to adhere to the same principles to which they expect us to aspire.

I ask you to do so in the spirit of your own regulations and because to do anything else would be a travesty and an injustice.

David Barnett

Principal

DPB Independent Financial Services

Edgware

Middlesex

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