UK advisers face 5% fee hike

Added 18th April 2017

The Financial Conduct Authority has proposed a 4.7% hike in fees for advisers and brokers as part of its 2017/18 business plan.

UK advisers face 5% fee hike

In the proposals published Tuesday, the FCA outlined an annual funding requirement for the year of £526.9m ($661.3m, €621.9m), an 1.5% increase of £7.6m over 2016/17.

It said this increase will cover the costs of changes to its regulatory scope; Payment Services Directive (PSD) 2 implementation costs; and reducing its pension deficit.

It is also budgeting £2.5m for EU withdrawal.

The FCA said it must raise £77.1m from adviser fees next year, compared to a £73.7m spend in 2016/17.

The FCA also plans to raise £12.3m from fund managers and depositaries, and operators of collective investment schemes, representing a 4.3% increase.

The total budget for the Money Advice Service is £75m, which is the same as last year.

However, as a result of consumer credit contributions collected from last year, as well as the anticipated consumer credit contributions, £64.1m will be levied as opposed to £75m.

Two separate levies are being proposed to raise £23.1m for delivering money advice, and £41m for coordinating and providing debt advice.

 

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

Gary Shepherd

Editor

Portfolio Adviser

Gary joined Last Word Media in 2009, becoming editor of Portfolio Adviser a year later. Previously, he worked at Incisive Media with roles across its Professional Adviser, Investment Week, Bloomberg Money and Mortgage Solutions titles. Gary has been shortlisted for various awards, winning Headline Money Investment Writer of the Year in 2010.

Features

Economics of ESG investing driving demand in Europe

Economics of ESG investing driving demand in Europe...

A growing number of institutional investors in Europe are embedding ESG analysis in their investment processes in response to regulatory pressure, consumer demand and a rising appetite for new sources...

Analysis

Profiles

Directories

Canada Life International Limited
Canada Life International...

Canada Life International Canada Life House,...

Tweets

Events

IA International Fund Links Forum 2017
IA International Fund Links Forum 2017

Thursday 14 September

The Langham, London

IA Future Advisory Forum Europe 2017
IA Future Advisory Forum Europe 2017

Thursday 28 September
The Waldorf Hilton, London

IA Best Practice Adviser Awards Europe 2017
IA Best Practice Adviser Awards Europe 2017

Thursday 28 September
The Waldorf Hilton, London

IA Best Practice Adviser Awards South Africa 2017
IA Best Practice Adviser Awards South Africa 2017

Thursday 5 October
The Vineyard Hotel, Cape Town

Sponsored Content

Investment Strategy

OTHER STORIES FROM LAST WORD...