Minister tells industry FMA fees will be comfortable

The Minister met with a number of adviser body chiefs back in March when advisers' fee levels to fund the Financial Markets Authority (FMA) and Financial Advisers Act (FAA) was on the agenda.

"His indication to us was that our submission had been very helpful in helping them set the levies and that we would be very comfortable with the outcome," said Institute of Financial Advisers (IFA) president Nigel Tate.

"We came out of that meeting feeling very much that they had most things pretty much set in concrete, Craig didn't give any indication of having a desire to revisit anything unless we could show some unintended consequences."

Professional Advisers Association (PAA) chief executive Edward Richards echoed Tate's comments, saying "he [Foss] suggested to us that there would be no surprises."