Advisers befuddled over huge levy increases

Some fees up 115%

Hannah Godfrey
clock • 3 min read

In the last week advisers have seen their annual regulatory bills shoot up to new heights. The Financial Services Compensation Scheme (FSCS) levy appears to be to blame, but adviser increases do not seem to match up with levy projections published earlier this year.

Advisers have reported increases of upwards of 50% on their annual regulatory bill, which many received this week. The regulatory bill is the total invoice that comes from the Financial Conduct Authority (FCA), and takes into account the FCA periodic fee, the FSCS levy fee, the Financial Ombudsman Service levy fee, Financial Guidance levy fee, and illegal money lending levy fee. For Penney Ruddy & Winter Chartered financial planner and director David Penney, the year-on-year increase comes largely from extra FSCS-related costs. This year the firm faced FCA fees that were 54% greate...

To continue reading this article...

Join Professional Adviser

  • 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.

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Cost of living crisis sees clients change investment plans

Cost of living crisis sees clients change investment plans

Previous Schroders survey predicted ‘significant change’

Jenna Brown
clock 30 November 2022 • 2 min read
Abrdn to use email encryption to protect adviser communications

Abrdn to use email encryption to protect adviser communications

‘The need for encrypted email security is growing all the time’

Ayesha Venkataraman
clock 29 November 2022 • 2 min read
What's in a name? Why 'guidance' should be 'tailored information'

What's in a name? Why 'guidance' should be 'tailored information'

Anything but 'guidance' should be used

Brendan Llewellyn
clock 29 November 2022 • 4 min read