Advisers' bill to pay for the FCA rises from £68m to £75m
A £75m bill is today looming for financial advisers in order to pay for the FCA.
The £74.9m figure to fund the regulator over the next financial year is a 10.2% jump from the £68m total in 2014/15. The FCA has launched a consultation this morning about the proposed levy.
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Martin Wheatley, FCA chief executive, said: "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."
Officials said 38% of regulated firms will continue to pay the minimum fee which will increase to £1,084 from £1,000, the first increase since 2010.
Operating costs for the FCA will rise by £27m for 2015/16. The FCA's annual funding requirement is £481.6m, up 8.4% from £446.4m.
Today's announcement also confirmed the proposed fees for the Money Advice Service and Ombudsman Service, which are collected by the FCA on their behalf.
The ombudsman fee is £23.3m - the same amount asked for in 2013/14- recovered in the same proportions across the industry.
Fees for the MAS total £79.1 million, which will be 2.5% lower than last year.
This is a result of energy and water industries voluntarily contributing £2m to debt advice.
The FCA has also proposed fees for firms offering consumer credit, the pension guidance levy (which covers the cost of the government's Pension Wise initiative) and the Payment Systems Regulator, which fall, outside the FCA's annual funding requirement.
The consultation closes on 18 May, and the FCA said it expects to confirm changes to fees in the summer.