Biggest networks are facing hefty increases

Issued: 18/02/2010 00:00:00

Members of the biggest IFA networks are likely to be hit with the biggest increase in FSA fees and levies in the next financial year

Members of the biggest IFA networks are likely to be hit with the biggest increase in FSA fees and levies in the next financial year.

FSA manager of finance and planning Mark Hunnable says: "Network fees will be higher and will be subject to an increase. How individual netoworks choose to pass that on to their members will be a contractual issue between the networks and their member firms."

Tenet group distribution and development director Keith Richards says "The only people that will benefit from these fee changes are sole traders but I do not think the increased fees will be significant enough to cause a rush of advisers becoming sole traders when you factor in the retail distribution review and capital adequacy costs."

Source: Nicole Blackmore, Money Marketing 18th February 2010