The Financial Conduct Authority (FCA) has increased its annual funding requirement (AFR) - the amount it levies fee payers - for 2014-2015.
The regulator's AFR will be £446.4m for the next 12 month period, up from £432.1 in 2013-2014, it confirmed today in its latest Business Plan. Investment, mortgage and general insurance intermediaries will contribute 31.3% of that total, which is again an increase on the previous year, when it was 30.3%. The FCA's total budget for 2014-2015 will be £452m. Part of the increase is due to an increase in staff costs as the regulator looks to take on more people to tackle its new competition objective. More to follow...
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