Financial advisers will pay a lower fee to fund the Financial Services Authority (FSA) than initially thought after arrangements for 2012/13 were finalised.
In its February consultation, the regulator had said that advice firms, who make up the A13 advisory block, would pay £38.4m, down from £39.7m in the previous year.
However, it has now confirmed that the firms will pay £37.1m, meaning an overall reduction of 6.8% from 2011/12.
Meanwhile, the total fees, which cover the FSA's Annual Funding Requirement, have been reduced from £578.4m to £559.8m, which it says has been achieved by internal cost controls which reduced potential IT spend.
The reduction was also attributed to the return of contingency monies set aside for use only in event that the FSA needed to deploy extra resources to deal with extreme macro-economic and regulatory events.
Firms will also pay less to fund the Money Advice Service, which will now cost £147.11 per adviser, down from £160.69 last year and the £153.88 initially proposed in the consultation.
Overall, the money advice levies for the service will still be based on raising £46.3m, although the debt advice levies have been reduced by £6m to £34.5m after it was confirmed they would not be subject to VAT charges.
It was also confirmed that firms will pay £10.00 per relevant approved person to fund the Financial Ombudsman Service, instead of the £30.02 they paid this year, although they will still be subject to a minimum levy of £35.
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