The Financial Conduct Authority (FCA) has defended the methods it uses to calculate advisers' contribution to its annual costs as fair and proportionate, as it confirmed a 10% hike for firms for 2015-2016.
The regulator announced on 23 June it will collect a total of £74.9m from its A13 fee block, which houses retail investment adviser firms, for the existing financial year. This was the amount it proposed earlier in 2015, and is 10.2% higher than the £68m it collected for the previous 12 months. It also represents 15.5% of the total £481.6m the FCA will levy on all regulated firms for 2015-2016. But the FCA defended the way it calculates the amounts contributed by financial advisory firms, following concerns raised by advisers and trade bodies. One trade body argued the average f...
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