The FCA is proposing to increase its minimum and flat rate fees, as well as application fees, by an average 8.75% which could mean Financial Planners facing an overall hike in charges of 4.9%.

Firms must engage better with ‘less engaged’ and ‘gone away’ clients as the Consumer Duty deadline on closed products looms, the FCA has said.

The FCA is to quiz the 20 biggest advice firms about their ongoing advice fees and how they are monitoring implementation of the Consumer Duty.

The Financial Conduct Authority has released plans to split its fee-blocks for principal firms.