FCA adviser levy up 4.7% but individual fees down

Minimum fees up 1%

The Financial Conduct Authority (FCA) has proposed to raise the levy it collects from advisers by 4.7% to £77.1m for the coming year.

In a consultation out on 18 April the regulator proposed to collect £3.4m more from advisory firms to cover its running cost than last year when it raised £73.7m. However, it estimated there would be 2.9% more advisory firms operating in the market this year - 9,779 in total - which would lead to a 3.7% reduction in rates paid by individual firms. The fees are based on an estimated tariff of £29.2bn and follow a rebate of £4.4m, or 5.7%, from last year. The FCA also proposed to raise the minimum fees it collects from small firms by 1% - or £11 - to £1,095 to reflect inflationary in...