Following on from the launch of an instalment plan in 2005, the regulator has announced all authorised firms will be guaranteed automatic acceptance, with the rates reduced to 3.15 per cent, 2.65 per cent for members of the Association of Independent Financial Advisers (AIFA).
Graeme Ashley-Fenn, director of contact, revenue and information management at the FSA, said the new format would operate under an initial three-year period with an annual review of its rates. He said: “Following careful consideration, the industry working group has secured significantly favourable terms for the industry with reduced rates compared to last year and with a guaranteed automatic acceptance to all FSA authorised firms.
Ashley-Fenn confirmed Premium Credit Limited had been selected as the preferred supplier, but added: “Firms should be aware that they can, of course, make their own arrangements directly through other credit providers should they choose to do so, but we hope that the terms negotiated for the industry as a whole prove competitive.”
Chris Cummings, director-general at AIFA, said: “AIFA fought long and hard on behalf of its members to enable them to pay their regulatory fees by instalments. This is a significant benefit for small firms.”
