APFA responds to FCA fees announcement
02 April 2014
The Association of Professional Financial Advisers (APFA) has responded to the announcement by the Financial Conduct Authority (FCA), in its consultation on 2014/15 fees, that following a reclassification of its fee blocks the advice sector will pay 19% less in fees next financial year.
The benefits of the changes will vary by firm, but for example, for an advice firm with £200,000 of income, APFA has calculated that this year its FCA fees will be £1,269, down 25% on £1,677 last year.
Chris Hannant, Director General at APFA, said:
“We’ve been calling on the FCA for some time to look at adviser fees, engaging with them and the industry on the issue over the last few months, so this is a welcome reduction for advisers in the A13 fee block.
“We are also particularly pleased to see that the new approach to MAS fees, agreed by APFA and other industry representatives, has been adopted. This will lead to further reductions in fees for adviser firms.
“APFA has been lobbying hard on regulatory costs, and we will continue to press all the regulatory bodies to be more cost effective and to commit to not increasing their costs over the next three years.”
ENDS
For further information please contact:
Tom Yazdi / Jo Nussbaum / Keith Brookbank
Linstock Communications
020 7089 2080
Notes to Editors
The Association of Professional Financial Advisers (APFA) is the representative body for the financial adviser profession. Over 50% of the population rank financial advisers as one of their top three most trusted sources of advice about money matters. As such, financial advisers represent a leading force in the maintenance of a competitive and dynamic retail financial services market.
