FCA set to almost double minimum fee

From £1,151 to £2,200

Ayesha Venkataraman
clock • 2 min read

The Financial Conduct Authority (FCA) wants to raise the minimum fee paid by financial services firms to cover the increased costs of regulation.

In a consultation pubished on (30 November), the body outlined its plans to increase the minimum fee from £1,151 to £2,200, which would "better reflect the costs associated with the authorisation and supervision of 51,000 firms throughout the UK." The minimum fee was set at £1,000 in 2010/11, and has grown to £1,151 over the last decade. It was frozen at that level last year to protect the smallest firms during the pandemic. FCA pours £5m into laptops for hybrid working The regulator has calculated the new minimum fee after factoring in the costs of regulatory reporting, its superv...

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 Regulation

Number of financial firms failed by FSCS increases in October and November

Number of financial firms failed by FSCS increases in October and November

Including Charterhouse and Advice & Wealth Management Solutions

Isabel Baxter
clock 18 December 2024 • 2 min read
Worst-case scenario: How are investors protected if providers fail?

Worst-case scenario: How are investors protected if providers fail?

Important for advisers to reassure clients about their protections

Laura Suter
clock 17 December 2024 • 3 min read
FCA to ban and fine duo over 'flawed' pension advice model

FCA to ban and fine duo over 'flawed' pension advice model

Richard Fenech and Heather Dunne are challenging the decision

Isabel Baxter
clock 16 December 2024 • 2 min read