FCA has published its consultation on regulatory fees and levies for 2013/14, which hits the financial advisers and wealth managers.
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As per FCA, financial adviser fee block is set to see a 13% increase in regulatory fees for 2013/14.
According to its consultation paper, the total funding requirement for the new regulatory framework in 2013/14 has been set at GBP646.3 million. The Financial Conduct Authority accounts for GBP432.1 million of this, with the Prudential Regulation Authority accounting for the remainder.
Overall this represents a 15% increase on the FSA’s £559.8 million requirement for 2012/13.
Fund managers, which includes discretionaries, are facing a 15.7% rise in regulatory fees over the year from GBP36.1 million to GBP41.8 million.
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By GlobalDataMeanwhile advisers, dealers and brokers who hold or control client money assets, or both, see a 17.5% increase in fees from GBP38.6 million to GBP45.3 million.
Advisers who do not hold or control client asset face a 13% hike in costs to GBP 41.9 million.
