Financial advisers will be levied a total of £77.1m for the 2017/18 financial year, 4.7% more than in the previous year, the Financial Conduct Authority (FCA) has confirmed.
In a fees paper out on Monday the FCA confirmed it will collect £3.4m more from the A.13 fee block than it did for the 2016/17 financial year. In April, the regulator expected there would be a 3.7% reduction in rates paid by individual advisory firms due to a 2.9% increase in the number of firms operating in the market. However, this was revised down to 2.6%, despite the significant, unanticipated growth of the fee block. The FCA had originally expected the a.13 fee block to grow from 9,501 to 9,779 firms, however it has grown to 13,040, according to the latest paper. The regulator...
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
