Financial advisers' regulatory charges will increase from £77.1m last year to a proposed £80.3m in 2018/19 - a difference of 4.2% - a consultation paper from the Financial Conduct Authority (FCA) has revealed.
The paper accompanied the publication of the regulator's business plan for 2018/19, released yesterday. The levy category that includes financial advisers, "A.13", proposes a payment of £2.4m towards Pension Wise - a small increase from last year's £2.1m - £2.2m towards the Money Advice Service (MAS), and £80,000 towards the Single Financial Guidance Body, a new body that will merge Pension Wise, MAS and The Pensions Advisory Service. Overall, the proposed annual regulatory funding has increased 3.2% for 2018/19 to £543.9m. Reasons cited for the increase included additional ongoing re...
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