Advisers face 'dispiriting' increase on annual regulatory bill

One adviser told Professional Adviser his bill had increased by 30%; meanwhile, another said his firm had seen an increase of £5,300 or 24%. A third adviser was yet to receive the bill but was not optimistic about its contents. The annual bill is made up of the Financial Conduct Authority (FCA) periodic fee, the Financial Ombudsman Service levy fee, the personal guidance service levy, the Money Advice Service, and most noticeably the Finance Services Compensation Scheme (FSCS) levy fee, which the advisers cited as the most burdensome. The bill is sent out during July and August each y...