Apparently, the FSA's Michael Foulger is considering a cap on the fees IFAs can charge because “fees prevent people from getting advice”.
At what point did the FSA acquire powers to determine the pricing policy of independent businesses?
I am pretty confident that they do not have such powers and this is another example of a senior regulatory figure opening his mouth before putting his brain in gear.
The fee levels charged by an individual firm are for each firm to determine in a free, open and competitive market place.
If the regulator wishes to be in a position to determine and regulate fee levels charged by this firm then they will need to acquire ownership of it's share capital – and the last time I looked they had not.
Managing director, Informed Choice