The Financial Conduct Authority (FCA) of UK in its policy statement has confirmed that its levy for coming year will be £432.1 million, with financial advisors contributing 9% of the total.
The FCA said that the combined FCA/Prudential Regulation Authority (PRA) annual funding will reach £646.3 million, an increase of 15% compared to the previous year.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The policy statement reveals the A13 fee block, which covers most financial advisers, will receive a £3.8 million fees discount, rather than the £4 million first proposed.
The discount means advisers in the A13 fee block will have to pay a total of £38.1 million in regulatory fees, up 16% from £32.8 million last year.
The increase in fees for the A13 block, which includes most financial advisors, included one-off RDR project costs of about £2.9 million, meaning the underlying fee increase was closer to 5%.
Adviser groups not permitted to hold client money will see a 13% increase on last year’s levy, to £39.2 million.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe fees for the Money Advice Service to be collected by the FCA will amount to £42.94 million, of which advisors will have to contribute £2.7 million.
The ombudsman service consulted on its case fees and budget separately and drew up a total budget for 2013/14 of £283.6 million. Of this £23 million will come from FCA fees.
The FCA said it would invoice fee-payers from July 2013 onwards for their 2013/14 periodic fees.
