28th March 2014

APFA asks advice firms to help count the cost of regulation

The Association of Professional Financial Advisers (APFA) has today launched a survey of the advice industry to establish a 'Cost of Regulation Index' for the sector. The Index will allow APFA to monitor the annual direct and indirect costs of regulation and compliance, and will be used as a benchmark against which the FCA can be held to account.

The launch of the survey echoes recent calls from Treasury Select Committee chair Andrew Tyrie, for advisers to provide evidence of the true cost of FCA supervision. The results of APFA's research will be made available to Parliament, regulators and consumers.

Chris Hannant, Director General at APFA, said:
"We know the total amount of direct fees that the sector pays relating to the FCA, FOS, FSCS and MAS, but there is no reliable data available about the indirect costs of regulation and compliance. To get this, we need advisers' help. The more who take part, the more reliable our data will be and the more useful it will be in holding the FCA to account.

We appreciate that collecting the information needed to complete the survey may take a while, but all responses will be hugely valuable and so we urge the industry to take part."

Advisers wishing to take part in the survey can do so by visiting www.apfa.net/costs-of-regulation.

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