FSA’s cancellation process puts the cart before horse

It was interesting to read last week how one reader felt the regulator was correct in punishing a broker by cancelling its permissions for non-payment of fees.

What I find unusual is the fact that a regulated firm has to resign from the FSA register before March 31 but the FSA does not send out an invoice for its fees until June.

When a regulated firm finally sees how much has to be paid out, the firm may find the FSA fees are no longer affordable.

Should these dates not be the other way round? I wonder if the FSA is treating regulated firms fairly?

BRIAN ROBERTS
BRIAN ROBERTS FINANCIAL SERVICES