The Financial Conduct Authority (FCA) has cut its planned fee hike for principal firms in a move that will save businesses £2.8m.
A policy statement released today (1 July) confirmed the move. The regulator had set out its original plans in a fees and levies consultation which closed in May which would have seen principal firms billed a collective £10m. The total bill will now stand at £7.2m. PIMFA previously criticised the regulator over its plans and today backed the decision not to press ahead with its original estimates. ARs face £10m fixed fee bill under 'flawed' FCA plans Senior policy adviser Simon Harrington said: "We welcome the FCA's decision to introduce a much lower fee for principals to the one t...
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