FCA confirms adviser levy to increase by 13%

In its policy statement, the FCA outlined the combined FCA/Prudential Regulation Authority (PRA) annual funding will total £646.3m - a 15% increase on last year. Adviser groups not permitted to hold client money will see a 13% increase on last year's levy, to £39.2m. They will make up 9% of the FCA's total annual funding requirement (AFR), which the Association of Professional Financial Advisers has previously called "disproportionately large". It means that advisers will contribute more to the FCA than life companies, general insurers or mortgage lenders despite their risk and num...