Final FSA fees and Financial Ombudsman Service levies for the majority of firms will be lower in 2007/8 than proposals in February suggested.
The FSA says the figure is lower than predicted for several reasons, including firms' higher than expected business volumes as well as greater numbers of firms in certain fee blocks.
In nearly all fee blocks, increases in the minimum fee (the basic fee that all firms pay) have been capped at 3%. This will benefit around half of all regulated firms which only pay the minimum fee, the FSA says.
Graeme Ashley-Fenn,director of the FSA's Contact, Revenue and Information management division, says: "We are pleased to announce that the FSA fee rates are lower than those proposed in the consultation, but we recognise that any increase will concern some of our fee payers.
“The FSA's expenditure has increased this year, mainly due to higher Financial Capability and IT budgets and the cost of moving towards more principles-based regulation, but the investments being made will enable us to increase our effectiveness and help us to deliver our statutory objectives.
"We are committed to making it easier for firms to do business with the FSA, and firms will be able to use our online Fee calculator to get an indication of the fees they will actually pay."
Key sources of information on the fees advisers can expect to pay can be found on the Fee Calculator on the FSA website or they can call the Fees Helpline on 0207 066 1888.IFAonline
‘Most significant’ upgrade since launch
Changes happening over coming months
Had accepted British Steel business
Aimed at HNW clients and family groups
Set for 1 April 2019