Otherwise we will have an industry that simply merges and swallows up every small independent business into the goliaths.
That is truly unhealthy as they are, at best, restricted.
Clients and advisers deserve better.
Name and address supplied
Beaten down by FCA fees
Regarding your article ‘Business growth foiled after 144 per cent regulatory fee increase’ (Jul 27).
I am writing to report that I have just received notification that my company’s annual FCA regulatory fee is to increase by 120 per cent, with no prior warning whatsoever.
This is a cost over which I have no control, despite a small reduction in turnover this year thanks to a global pandemic and a 60 per cent rise in the cost of PI cover.
Our company is now expected to more than double our funding of the regulator in order to buy them a bigger stick with which to beat us, despite having had not a single complaint in 17 years of trading.
‘Sorry team, shame about the pandemic, great work everybody but no bonuses, no pay rises and no additional staff to help you with your spiralling workload as our regulator is struggling to police the industry for which it is responsible and as one of the last men standing, we all must be punished.’
Matthew Pescott Frost
Matthew Douglas
The right move
The FCA’s new 180-day rule for open-ended property funds, which was announced last week, is clearly the right approach by the FCA.
Retail investors do not understand liquidity issues with respect to property funds (holding physical property).
When markets are tough and everyone wants cash, property funds usually “lock up” as liquidity is always poor in these situations.
Hopefully this won’t affect property funds that only hold equities in developers etc – more volatile, but clearly more liquid.
Bob Symons
Arlo Wealth
FCA not fit for purpose
Well said Alan Steel in his letter in your July 30 issue.
Like Alan, I have written several times to the Securities and Investment Board, the Financial Services Authority and more recently to the FCA, along with many letters to journalists observing a lack of skill in efficient regulatory process.
All three of the above regulatory authorities are one in the same company, merely changing its name but seemingly never the overriding mentality that the adviser can be blamed for all transgressions within financial services provision.
How much better it was in the days of Fimbra. We looked after our own with a small staff and an army of volunteer professionals.
The professional regulators, like most quangos, continue to seek out reasons why they should continue to exist in a largely political, overbearing, undereducated environment.
