ICR 128: The Cost of Regulating Your Financial Adviser
In this episode of Informed Choice Radio, Martin talks about the cost of regulating your financial adviser.
There is also a roundup of the latest personal finance news and an update from the world of Informed Choice.
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The Cost of Regulating Your Financial Adviser
The Financial Conduct Authority (FCA) has started a consultation about its new mission.
As a firm of Chartered Financial Planners providing independent financial advice, we are authorised and regulated by the Financial Conduct Authority.
In the past week, we received our annual invoice from the FCA, which pays not only for the regulator but for some other related regulatory bodies too.
In this episode of the podcast, Martin provide a breakdown of this invoice, explaining where the money goes and what it covers.
He explains the cost of the FCA, FSCS, FOS, Money Adviser Service and Pension wise, as well as other regulatory costs including professional indemnity insurance and capital adequacy.
What do you think about the cost of financial services regulation? Do we pay too much, too little? Do you get good value for money? We would love to hear from you.
Personal finance news update
-The UK economy has grown by a better than expected 0.5% between July and September, in the wake of the EU referendum result.
-More retirees are taking advantage of the pension freedoms and cashing in their pension pots, but the average withdrawal amounts has fallen.
-The deadline for submitting a paper tax return is looming, with HMRC warning of fines for late returns.
-The lowest earners have experienced the fastest pay rises, thanks to the introduction of higher minimum wages.
-Homebuyers looking to live in one of England’s picturesque market towns will need to pay a premium of £34,000 compared to neighbouring areas.
Useful links mentioned in this episode
–FCA consultation: Our future Mission
–Financial Services Compensation Scheme (FSCS) compensation limits
–The Elephant in the Room: A Journey into the Trump Campaign and the “Alt-Right” by Jon Ronson
–The Little Book of Hygge: The Danish Way to Live Well by Meik Wiking
–An Astronaut’s Guide to Life on Earth by Chris Hadfield
Get answers to your personal finance questions
Do you have a personal finance or investing question for Martin?
Email [email protected] or ask on Twitter @martinbamford.
You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.
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