Advisers’ regulatory fees up 4%

Advisers will pay 4 per cent more in regulatory fees in 2018/19, the Financial Conduct Authority has announced.

The regulator has published a policy statement on regulated fees and levies, which shows advisers will pay a combined £80.3m.

This is a 4.2 per cent increase from the £77.1m which advisers paid in 2017 to 2018.

It is a greater increase than the one seen for home finance providers, which will pay 3.8 per cent more, for life insurers, which will pay 3.2 per cent more, and for deposit takers, which will see their fees remain flat.

In monetary terms advisers pay the largest single amount, compared to the £43.2m paid by life insurers and the £71.5m paid by deposit takers.

Overall, the total levy paid by the industry towards the FCA in 2018/19 will be £543.9m, up 3.2 per cent.

The FCA said the increase in its funding requirement was because the scope of its work had increased, citing the government making it responsible for claims management companies as one example of this.