FCA fees fuelling ‘regulatory tapeworm’ at core of advice sector

He added: “Sometimes stuff comes out but the horse has bolted. There needs to be quicker reaction times. I accept the FCA needs funding, but let’s see some teeth and action, and let’s see it quick.”

Philip J Milton, chartered wealth manager at Philip J Milton Company & Co, said it seemed “inevitable” that a big organisation like the FCA created its own momentum of “ever-upward cost increases”.

He added: “It’s not worth arguing as there’s nothing we can do aside from grinning and bearing it."