The FSA has announced that the industry working group (of which AIFA is a member) set up to review the current scheme has successfully negotiated improved terms and the scheme will continue. The new rate for AIFA members will be 2.65% (2005: 3.3%) and for non-members, 3.15% (2005: 4.3%).
Commenting on the plan, AIFA Director General, Chris Cummings, said: “AIFA fought long and hard on behalf of its members to enable them to pay their regulatory fees by instalments. This is a significant benefit for small firms. Our members are the largest group of participants in this instalments scheme and we have been active members of the industry working group. It was our priority to ensure the scheme was made available to AIFA members again this year and negotiate improved terms.”
