02 September 2024
Bira and its division Retra have said they are deeply concerned about the significant increases in fees being implemented by the Financial Conduct Authority (FCA) for independent electrical retailers.
Recent reports from our members indicate that the FCA's minimum fee for retailers who introduce clients to finance providers has seen a dramatic rise. What was £300 plus levies last year has doubled to £600 plus levies this year, with a further increase to £800 plus levies planned for next year.
Jeff Moody, Commercial Director of Bira, said: "These increases are disproportionate to current high street business levels and seem to be more restrictive and punitive rather than reflecting actual cost increases. We believe this puts an unfair burden on independent retailers who are already facing numerous challenges in the current economic climate."
Bira is taking action on behalf of its members:
- We have written to the FCA requesting a response and justification for these substantial increases.
- The issue has been added to our agenda for our next meeting with the Business Secretary, where we will advocate for fairer treatment of independent retailers.
- We are calling on all Retra members to share their experiences and concerns regarding these fee increases.
We want to hear from you.
How are these FCA fee increases affecting your business?
Your input is crucial as we build a case to present to the FCA and government officials.
To share your thoughts or for more information, please contact our membership team at membership@bira.co.uk
Bira and Retra remain committed to supporting independent electrical retailers and ensuring their voices are heard at the highest levels. We will keep our members updated on any responses received from the FCA and the outcomes of our discussions with the Business Secretary.
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