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FSA urged to charge per RI fees – Aifa

The FSA should levy regulatory fees on IFA firms depending on how many advisers sit within them as opposed to how much income is generated according to Aifa.

In its response to the regulator&#39s consultation on fees and fees policy, the trade body says whichever way fees are levied, the same amount of money will be generated.

It says its member firms prefer the per RI approach as it is simpler to administrate. The FSA would have an easier time of it as well, says Aifa, as keeping track of numbers of RIs is an easier task than the other method.

The response says: “An income-based tariff is also likely to have the perverse effect of penalising efficient firms, which in many cases have invested in quality back office support and compliance staff or systems.

“It is more than likely that this investment is the reason why these firms generate higher income per capita. It could be argued that firms with tighter controls require less regulatory attention.”


Chirrey joins BAM fixed-interest team

Britannic Asset Management has appointed Jennifer Chirrey as an investment manager within its fixed interest team. Chirrey will join the six-strong credit team which manages Britannic&#39s £6.7bn retail and institutional fixed interest portfolio. Chirrey joins them from Abbey National Asset Managers.

The house of brands

Mortgages plc sales and marketing director Peter Beaumont says he is spinning plates and trying to make sure that they all stay in the air. The sub-prime lender has undergone vast changes since it was acquired by European finance company Nikko Principal Investments in a £40m deal in January 2002 when the directors sat down […]

Equitable QC moved policies before House of Lords judgment

The barrister representing Equitable Life policyholders in the House of Lords case over guarantees moved £700,000 of his own policies days before the judgment, according to media reports. Jonathan Sumption QC moved the funds a week before the court decision although he did keep one non-pension policy with the stricken life insurer.

MPC member warns base rate may top 5 per cent

UK interest rates will have to rise and the current low inflation 1.1 per cent figure will not stop the Bank of England raising revealed a member of the Monetary Policy Committee in a Sunday Times interview.MPC member Paul Tucker said the neutral level of rates was probably in the 5 – 5.5 per cent […]


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