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IFAs&#39 anger over rulebooks&#39 cost

The FSA has outraged IFAs by asking them to pay £250 for its new rulebooks.

The charge for the books comes on top of annual fees of £845 per firm plus £340 for each adviser. There is also a joining fee of £1,750.

The rulebooks will be available free on CD- Rom but many IFAs prefer reading the regulations from a book.

IFAs are also concerned that the cash payments will be credited to the FSA&#39s bank account immediately and will accrue interest until the rulebooks are published in February.

FSA spokeswoman Jackie Blyth says the charge covers the cost of printing and IFAs can pick which books they need. For example, The Conduct of Business Sourcebook costs £30 and the Training and Competence book is £25.

Sole trader Michael Mann says: “This makes me convinced that financial services is a bad thing to be doing. I&#39m glad I am 60.”

Roger Boot Independent Financial Advisers consultant Roger Boot says: “They are on the make, shoving the cost on to us. We are squeezed at the customer end with lower commission while our costs go up.”

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