The Financial Conduct Authority (FCA) has proposed to cut adviser fees for the coming year by 1.6% after the regulator and its affiliated bodies made efficiency savings, which will be passed on to the industry.
The FCA proposed to levy advisers £73.7m in 2016/17, £1.2m less than in the previous year when advisers paid £74.9m. The reduction in fees reflects savings achieved at the FCA and across the regulatory bodies on behalf of which the FCA levies fees: the Money Advice Service (MAS), the Financial Ombudsman Service (FOS), and Pension Wise. The regulator said its underlying annual funding requirement for the year 2016/17 is £481.6m, unchanged from the current year. This excludes consumer credit cost, the new area of supervision the regulator has taken on. Taking into consideration the c...
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