UK’s Financial Conduct Authority (FCA) has unveiled plans for a hike in adviser regulatory levy by 10% to almost £75m for 2015/16 from the £68m set for 2014/15.
According to the plans, the total levy for the next year will be set at £481.6m, a rise of 8.4% on £446.4m from the current year.
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At the same time, the regulator has also proposed to raise its minimum fees paid by firms with an annual turnover of £1,000 to £100,000, by 8.4% from the current £1,000 to £1,084.
The watchdog added that £16m of the levy increase would be used to finance additional FCA staff to provide enhanced objectives, whereas £11m would be used for technology and information systems upgrade and to develop its new learning suite FCA Academy.
Financial Ombudsman Service levy will be frozen at £23.3m, and £79.1m will go to the Money Advice Service (MAS) according to the proposal.
Moreover, advisers will have to contribute £4.2m to the MAS levy, which is an increase of 16% from £3.6m in the current year.
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By GlobalDataFCA chief executive Martin Wheatley commented, "These proposals seek to share the cost of being regulated and ensure the FCA has the right resources in place to deliver appropriate protection for consumers and make markets work well."
