Tyrie demands FCA address strong case for compensating 'overcharged' advisers

Treasury committee chairman Andrew Tyrie has accused the regulator of overcharging the advice community and asked for a refund of fees at today's grilling of chief executive Martin Wheatley and chairman John Griffith-Jones.

Tyrie (pictured) attacked both men for defending an anomaly in adviser fee block allocations identified last autumn, which he said constituted "overcharging" and put firms at a disadvantage, overcharged customers and made shareholders suffer. He proceeded by demanding the chairman review the decisions taken by Wheatley and explained them in a letter to the committee. Tyrie said: "The fee block A12 has a higher level of supervision and lower fees than the fee block A13. "And if the people in A13 were acting logically they would respond to your curious fee blocks by opting to go into...