Biba speaks out against FSA's proposal to more than double minimum fee
The British Insurance Brokers’ Association (Biba) has criticised the Financial Services Authority’s (FSA) consultation paper CP10/05 which suggests raising the minimum fee from £450 to £1,000
Eric Galbraith, Biba chief executive, said that while Biba welcomed the FSA's desire to introduce a fairer and more transparent basis upon which regulated fees are levied to individual firms, the overall cost of regulation was totally disproportionate to the low risk posed by its members' regulated activities.
He continued: "Biba is still seeking far greater transparency around ‘value for money' from the regulator. The concept that, as far as is reasonably possible, the fee should reflect the
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