FCA Weighs Increasing Fees For 'Riskier' Firms

Law360, London (September 15, 2020, 3:44 PM BST) -- Financial companies with a "riskier" track record may have to pay more toward the sector's compensation scheme or pay more for professional indemnity insurance as part of a broader clampdown on rogue advice and risky investments, according to proposals announced Tuesday.

The Financial Conduct Authority has asked the sector for advice on whether to hit companies that cause the most harm to consumers with higher fees for the Financial Services Compensation Scheme — which is the compensation program for customers of authorized firms — instead of having a flat fee across the industry.

The City watchdog said it wants to consider how...

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