Advisers blast FCA funding requirement of £755m 'inexorable'

‘I don’t really know what value I’m getting from the FCA – if any’

Hope Coumbe
clock • 2 min read

The £755m funding requirement laid down by the Financial Conduct Authority (FCA) in its fees and levies proposals for 2024/25 has been blasted by advisers as “an absolute joke”.

This week's PA Asks called on the industry to provide their view on whether the regulator's latest funding requirement is reasonable. It comes after the FCA laid out its fees and levies proposals in a consultation paper on 9 April, stating a £755m spend would be needed for the next 12 months – an increase on the £681.8m in 2023/24. Just 7% of respondents – 90% of whom were advisers – agreed the amount is reasonable. This was compared with 63% who said it was not and 29% who were undecided. "It's an absolute joke," said one. "Are consumers any better off? The advice gap is widening ...

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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Andrew Goodwin: Investing, gambling and the importance of the long game

Andrew Goodwin: Investing, gambling and the importance of the long game

'Remember that in investing, as in sport, there are no certainties'

Andrew Goodwin
clock 01 September 2025 • 4 min read
Why gender inequality in financial advice is no joke

Why gender inequality in financial advice is no joke

'Gender inequality is a joke that has long since worn thin'

Cara Robinson
clock 01 September 2025 • 4 min read
Professional Adviser TV: Tackling 'horrendous' letter of authority delays

Professional Adviser TV: Tackling 'horrendous' letter of authority delays

‘LOAs could be really magical’

Professional Adviser
clock 29 August 2025 • 2 min read