§ Mr. Colvin
To ask the Chancellor of the Exchequer what are the comparative fee scales chargeable for independent financial advisers as required by FIMBRA, IMRO, SIB and PIA; and if he will make a statement.
§ Mr. Nelson
For a typical firm of independent financial advisers which has two registered individuals, a gross income of £75,000 does not act as a fund manager and does not handle clients' money or investments, the figures would be as in the table.
£ FIMBRA1 1,260 IMRO2 2,633 SIB2 3,025 1 1994–95 figures. 2 1993–94 figures.
The large majority of independent financial advisers are currently regulated by FIMBRA. The PIA has yet to settle its fees for 1994–95. Existing fee structures will be retained for that year. The PIA proposes to increase aggregate fees by 18 per cent. compared with the fees that would otherwise have been incurred by members in 1994–95.