Members of city watchdog, the Financial
Services Authority, have reacted angrily after it decided to raise
membership fees by an extra 10%.
The increase takes the FSA’s budget for this year above £300m, the
Daily Telegraph reported, its largest
rise since it became the chief regulator in 2000.
In response, The Association of Private
Client Investment Managers and Stockbrokers – which has over 200 FSA
members- described the rise in fees as ‘insensitive’ and ‘unexpected’.,
An APCIMS spokesperson claimed its members were already struggling to meet
costly new requirements of the Capital Adequacy Directive (CAD) and the Market
in Financial Instruments Directive (MiFID).
John Tiner, the FSA’s departing chief executive, said: ‘I realise that this
level of increase will concern many of our fee payers. However, the board is
convinced that this is necessary to increase our effectiveness and deliver our
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