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 ...

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