Advisers call for overhaul of 'unfair' FCA levy allocation

The FCA confirmed on 30 June it will collect £73.7m from advisers for the year 2016/17, representing a 1.6% reduction on the previous year, when the levy had gone up by 10%. This is to cover the FCA's annual funding requirement as well as that of other regulatory bodies the Money Advice Service (MAS), the Financial Ombudsman Service (FOS), and pension guidance provider Pension Wise. The regulator said it had made efficiency savings of about £7.6m, which it passed on to the industry to lower the fees. But advisers said the system, which is based on the type and size of firms, not the...