FSA funding levy on advice firms falls 2%

The levy for the A13 adviser class is proposed at £39.7m, down from £40.6m. This is despite the overall funding requirement soaring by 10.1% to £500.5m, up from £454.7m in 2010/11. The FSA says enforcement fines it imposed during the previous year have been returned to the industry as discounts to their fees, meaning in total firms will pay 2% less than last year. Proposed changes to the FSCS levy would see it fall by a third from £851.4m last year to £576.7m for 2011/12, shaving off £274.7m or 32.3%. In today's consultation paper on FSA fees and levies, the regulator says ...