Interest rates of 3.35 per cent, and 2.85 per cent for trade association members has been agreed for firms wishing to pay their fees by instalments in the 2007-2008 financial year.
The instalment plan was put in place in 2006 following discussions with trade body representatives.
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Announcing the rates for the year, Graeme Ashley-Fenn, director of contact, revenue and information management at the FSA, said: “I am delighted the FSA has again been able to negotiate very competitive rates for our authorised firms. The instalment option is a key part of making the FSA easier to do business with and is especially valued by smaller firms.”
Chris Cummings, director general at the Association of Independent Financial Advisers (AIFA), added: “Having campaigned for the introduction of the scheme we are pleased it has been such a success and that members will continue to benefit from preferential rates and the ability to improve cash flow. This is a good example of trade bodies and the FSA working together to bring about a positive outcome for firms.”
Alan Lakey, senior partner at Highclere Financial Services, said: “It is good that firms can pay by instalments. The only question is how much we have to pay. Firms pay around 7-10 per cent of their yearly turnover, which is a huge amount.”
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