Further bonuses must surely be awarded for continuing to undermine the independent sector, especially when regulations favour the banks and confuse the public.
Under the current system, if every other firm of IFAs in the country went bust and my firm was the only one remaining, we would fund the whole of the FSCS levy. This is ridiculous. Why can there not be a levy on every policy/contract/ investment sold or bought. It is also scandalous that the FSA should be using our money to pay £20m in staff bonuses.
I find it offensive that our small IFA business has to pay additional levies for a business that failed which has absolutely no relationship to us at all. It is like an electrician failing in Northumberland but a plumber in Cornwall has to pay for his faults. Absolute madness.