The Financial Conduct Authority (FCA) will not reimburse advisers for previously 'overpaid' fees if the proposal to cut regulatory costs from next year comes into force, chief executive Martin Wheatley has said.
The Association of Professional Financial Advisers (APFA) previously called on the regulator to give back the difference in cost between the reduced fees advisers will pay from next year and the higher fees paid previously, by revising down the upcoming fees accordingly. In a consultation paper, released in October, the FCA said it wanted to reallocate fee blocks so that advisers who do not hold client money will pay about £4 less on every £1,000 earned. But Wheatley (pictured) said at a roundtable discussion on Monday the regulator is not making any surplus from the fees it levies on...
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