Investment - Articles - PIMFA welcomes reduction in proposed FCA fees

 Simon Harrington, senior policy adviser at PIMFA, comments: “We welcome the FCA's decision to introduce a much lower fee for Principals to the one that it proposed in its initial consultation and which PIMFA strongly disagreed with.

 “But our concerns around the provenance of the flat fee have not been assuaged. It is still unclear what the FCA hopes to achieve through their undefined market study, and the largest firms with superior controls will still be penalised.

 “However, the FCA have clearly listened to our concerns and we look forward to working with them closely on ensuring that they can gain comfort from the Appointed Representative model, which works well for the vast majority of firms and clients