Financial advisers are renewing calls for the Financial Conduct Authority (FCA) to make better use of the 'exceptionally severe' fines it levies on the industry, including by using them to cut regulatory costs.
The regulator raised a record £1.47bn in fines last year, 68% more than in the previous year, according to new research. Under current arrangements, cash raised from fines is passed to the Treasury. However, advisers argued it could be used to supplement the annual levy raised from the industry. Related reading: Advisers renew calls for product levy to ease FSCS pain The annual FCA levy on advisers, which also covers the running costs of the Ombudsman service and Money Advice Service (MAS), is set to increase by 10.2% to £74.9m for the coming year, according to proposals pu...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
