The Financial Conduct Authority (FCA) is proposing to collect £94.6m in fees from advice firms in the next year, according to its latest consultation.
The consultation on fees and levies for the year ahead, CP23/7, was opened today (5 April) and published as part of the regulator's 2023/24 business plan. It includes a breakdown on annual funding requirement allocations across the various FCA blocks for the next 12 months. This shows proposed a £94.6m to be collected from advisers, up from £86.8m that was collected in 2022/23. While the additional £7.8m represents an upward movement of 8.9%, the FCA said the actual size of increase each advice firm will face will be lower. It attributed this to an expected revenue rise for those that...
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