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IFAs opt to spread regulatory costs

Around 1,750 small firms have signed up to pay their fees by instalments, according to new figures from the FSA.
The fee paying instalment plan was introduced earlier this year to allow IFAs to spread the costs of their FSA, FSCS and FOS fees, after IFAs were hit with a major hike in FSCS fees for 2005/6.
The decision to launch a scheme, provided through Premium Credit, was taken after consultation between the FSA, trade bodies, the FSCS, credit providers and the Small Business Practitioner Panel (SBPP).
FSA director of contact, revenue and information management says: “Our goal in setting up the instalment deal was to offer firms greater flexibility to manage their finances. The popularity of the instalment plan demonstrates that our efforts were worthwhile.”

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