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Regulator is owed fees by 1,692 companies

The FSA has revealed that it is currently owed outstanding fees by a total of 1,692 regulated firms.

The figures were obtained by Money Marketing through a Freedom of Information request. The FSA says this list includes firms that are in dispute over fees.

In its latest annual report, the FSA says it is owed £900,000 in outstanding fees, the majority of which are less than three months in arrears.

This figure was a reduction from 2008, when the FSA was owed a total of £1.5m in outstanding fees.

An FSA spokesman says it is unlikely that the amount owed will have changed since the publication of the report. He says the firms are mixed in size and from varying sectors.

Brentchase Financial managing director Mike Fitzgerald says: “We are going through tough times and these fees are going up. Every bill that comes in has to be managed carefully. You can ask for fees but if advisers are not earning money, they cannot pay them.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Fees
    I pay my fees by installments but this year although I filled in the app and had it acknowledged the FSA tookthe full amount from my account and the first monthly installment as well. This meant they took over £3.5k from my accountin 1 week . They admitted they were wrong but were in no hurry to replace the amount

  2. Will have to slum it.
    O dear, how will the FSA now pay their hotel bills?

  3. Regulator is owed fees by 1,692 companies
    Can this be true that the average debt is only £531.00?

  4. FSA unpaid fees
    The £900,000 owed in fees is a far cry away from the £19,7 million that they awarded themselves for their incompetence in monitoring the Banks and Building Societys.and also the £232000 spent on Xmas parties.

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