YOUR INDUSTRY
Top 10 Hot Topics
- Consumer Credit Licensing
(CCL) - Advertising
- Europe
- OFT
- Claims Management Firms (CMC)
- Treating Customers Fairly (TCF)
- Payment Protection Insurance (PPI)
- FSA Fees
- FOS/FSCS
- FAQs
Your Industry
Current Issues
Proposed Regulatory Fees for 2009/10
FSA’s Business Plan 2009/10, which was published earlier this month, stated that the FSA needed an additional £117m in regulatory fees. This represents an increase of 36.5% and includes substantial increases for intermediaries. Such increases are unacceptable and go against Government policy to help smaller firms in this difficult time. The cost of regulation has increased substantially since FSA was first established and a cost/benefit analysis needs to be undertaken by the National Audit Office. The regulator must represent value for money for regulated firms.
Regulatory Fees Strategy Group
AFB hosted a Regulatory Fees Strategy Group, which met in February, to discuss the best course of action to be taken in response to the proposed increase in regulatory fees. It was decided to put in place a staged campaign split into immediate action and long-term aims. Focus in the meeting was on forming clear and concise key messages that would form the basis for staging a solid and united campaign.
AFB’s strategy is to launch a campaign that not only highlights the proposed fees as an industry issue but also as a political issue, in that it goes against Government policy, and a public issue, in that the increased fees will be detrimental to the consumer. The main aim of the campaign is for FSA to be independently audited to assess its ‘fair value’.
To view the full details of our key messages and strategy: