FSA lowers fees for advisers

In its February consultation, the regulator had said that advice firms, who make up the A13 advisory block, would pay £38.4m, down from £39.7m in the previous year. However, it has now confirmed that the firms will pay £37.1m, meaning an overall reduction of 6.8% from 2011/12. Meanwhile, the total fees, which cover the FSA's Annual Funding Requirement, have been reduced from £578.4m to £559.8m, which it says has been achieved by internal cost controls which reduced potential IT spend. The reduction was also attributed to the return of contingency monies set aside for use only in ev...