The UK Financial Conduct Authority (FCA) has dismissed calls from the Association of Professional Financial Adviser (Apfa) to compensate financial advisers over regulatory fees. Apfa accused the UK regulator last week of levying excessive fees on investment intermediaries and called for compensation in its response to the FCA’s consultation on how it allocates regulatory fees and levies. Apfa asked the regulator to partially pay back fees to firms that do not hold clients’ money, which the regu