FCA to increase adviser fees by 10% to £75m

The Financial Conduct Authority (FCA) is proposing to raise £74.9m from financial advisers for the coming year, representing an upswing of 10.2%.

For the A10 fee block, which incorporates wealth managers for whole dealing is their principal activity, fees are proposed to rise by 8.5% to £50.1m. The total levy proposed by the FCA for the next year is £481.6m, up 8.4% on the £446.4m from the current year. The FCA also proposed to increase its minimum fees, paid by firms with an annual turnover of between £1,000 and £100,000, by 8.4% - from the current £1,000 to £1,084 "in line with the overall increase in the annual funding requirement". The regulator said £16m of the levy increase will fund additional FCA staff to deliver its...