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IFAs paying FSA fees by direct debit will not be penalised

Many of the IFAs who have not yet paid their FSA fees will not face penalties bec-ause they are paying by direct debit while some companies have not yet received their invoices.

Last week, FSA mana-ging director David Kenmir said only 388 IFAs had paid their fees despite 3,627 invoices being sent out. The deadline for fees was the end of August.

But Money Marketing understands that a considerable proportion of IFAs pay their fees – a combination of FSCS, FOS and FSA fees – by direct debit, which the FSA will take from their accounts on September 9.

The FSA has also failed to send out a number of inv-oices. One IFA who contacted the FSA was told that the regulator has batches of invoices it is yet to send out.

The FSA says 38 invoices have not yet gone out as far as it is aware and these cases are being dealt with on an individual basis. It says any IFAs which have not had an inv-oice should contact the regulator immediately and it will be faxed or emailed.

Press officer Vanessa Wood says: “Thirty-eight inv-oices have not gone out but we are dealing with these cases. Anyone else who has not had their invoice should contact us immediately and we will fax or email it over, as we have sent out all the other invoices.”

Beric Webb Associates principal Beric Webb says: “I have not paid yet but because I pay by direct debit, my payment will come out of my bank on September 9.”

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