Simon Bolam, Chairman of the Smaller Businesses Practitioner Panel today said:
“We welcome today’s recognition by the FSA that firms in the areas requiring the most regulatory work and engagement will pay most in fees to the FSA for 2009. This means that many smaller firms will pay similar fees to last year, and over 10,000 small firms will pay lower fees than last year.
Fee increases have a more significant impact on smaller businesses, and so the FSA’s decision in these difficult times for the financial services industry is good news for smaller businesses.”
Notes to Editors
The Smaller Businesses Practitioner Panel (the Panel) was established by the Financial Services Authority (FSA) in 1999 to represent the views and interests of smaller regulated firms. Its membership is drawn from smaller firms across the key sectors of regulated business.
The Panel believes that smaller firms have a crucial role to play in a healthy and competitive financial services marketplace - and in providing consumers with choice, service and flexibility. Further information about the role and work of the Panel can be found on its website: www.sbpp.org.uk
The Panel Chairman is an ex officio member of the Financial Services Practitioner Panel (which has statutory independence from the FSA) to help ensure that smaller firms are properly represented at the very highest level within the Financial Services and Markets Act 2000 accountability framework. Information about the Financial Services Practitioner Panel can be found at: www.fs-pp.org.uk