Broker highlights FSA annual fee system flaw

A broker has condemned the Financial Services Authority's (FSA) annual fee system as unfair, after he was made to pay the fee following the sale of his business.

Last June, Geoffrey Geere, a former partner at Geoffrey Geere & Co. Insurance Brokers in Abingdon, Oxfordshire, merged his business with another broker and retired.

"The annual fee was not due at that time," explained Mr Geere, "but on the day before it was due, I was told that despite the fact that we were no longer in business it

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