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FSA set for FSCS rethink

The FSA is understood to be looking at restructuring funding blocks for FSCS fees following criticism that some sectors have been paying too much.

An industry source says the regulator held a meeting on April 28 asking for feedback from trade bodies and product providers on how the blocks could be revised to make the system “more fair”. But the source says the discussions were “inconclusive”, with some “understandably anxious to keep their costs down”.

The source claims the FSA is responding to renewed industry pressure, particularly from the IFA sector, to address the FSCS fee system following major increases in FSCS fees.

Budge and Company director Kevin Anderson says: “Like most IFAs, I think it is unfair that we are paying for others people’s mistakes.”

FSA spokeswoman Vanessa Wood says: “We have had a good discussion. The consultation paper on this will be released after our May board meeting.”


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