Financial advisers' regulatory charges will increase from £77.1m last year to a proposed £80.3m in 2018/19 - a difference of 4.2% - a consultation paper from the Financial Conduct Authority (FCA) has revealed.
Released this morning, the paper accompanied the publication of the regulator's business plan for 2018/19. The levy category that includes financial advisers, "A.13", proposes a payment of £2.4m towards Pension Wise - a small increase from last year's £2.1m - £2.2m towards the Money Advice Service (MAS), and £80,000 towards the Single Financial Guidance Body, a new body that will merge Pension Wise, MAS and The Pensions Advisory Service. Overall, the proposed annual regulatory funding has increased 3.2% for 2018/19 to £543.9m. Reasons cited for the increase included additional ongoing...
To continue reading this article...
Join Professional Adviser for free
- 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