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Practitioner Panel calls for FSA to justify levy

The Financial Services Practitioner Panel has called for the FSA to provide higher quality supervision of firms in order to justify the increased levies it is demanding.

Addressing the FSA annual public meeting in London this morning, FSPP chairman Nick Prettejohn said: “A demonstrable increase in supervision quality in essential if the substantial increase in fees is to be justified.
“We want to know what we’re paying for.”

Smaller Businesses Practitioner Panel chairman Simon Bolam added: “The increases in the FSA’s budget are unsustainable for IFA businesses. It cannot be underestimated that the levies could potentially wipe out thousands of firms who have never put a foot wrong.”

Prettejohn also called for a fundamental review of the charging structure of the Financial Services Compensation Scheme and urged the FSA to strengthen its cost benefit analysis process.

He said: “We have seen weak CBAs from the FSA which have been seemingly incidental to the decisions it seeks to make.”

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