RegulationNov 27 2015

FCA small business panel to scrutinise levies

Search supported by
FCA small business panel to scrutinise levies

The chair of the FCA’s smaller business panel has pledged to continue to scrutinise the regulator on its fees and charges to ensure “value for money”.

In a letter to the chair of the Treasury select committee Andrew Tyrie, the director of Citywide Financial Partners Clinton Askew said the panel will continue to “monitor and challenge” the regulatory community.

Mr Askew said while the panel is “generally supportive” of the Financial Conduct Authority’s work and the new responsibilities it has taken on, he pointed out that high fees and charges can have a “disproportionate impact” on smaller firms.

He also repeated a previous request made last year that argued for an independent panel, made up of representatives from firms subject to the regulatory levy, to increase the accountability of the Money Advice Service to the industry.

He said Mas should report back to the panel on the “achievements of its objectives”.

“We stated that we believed there to be a mismatch between the source of the funds and the achievement of its objectives.”

Mr Askew added: “As part of my role I continue to argue for accountability by MAS to the industry which funds it.”

The letter, dated 16 November, follows a committee session on the 28 October.