David Kenmir is quoted as saying: “We appreciate that we need to do better in communicating likely changes (for which read massive increases) to the [mainly FSCS] fees.” Please, Mr Kenmir, spare us such vacuous platitudes. What the FSA needs to do is stop forcing on the industry all the things that are causing these huge cost increases in the first place.
And how jolly nice of him to say the FSA appreciates the efforts most IFAs have made to pay the costs in full. What a great guy! The only reason IFAs have paid up is that they fear the FSA will hammer them even harder, or put them out of business if they don't.
If the FSA remains hell-bent on breaking the backs of small IFA firms – as appears very much to be the case – it might at least have the decency to be honest about it.