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.

 

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Gary Shepherd

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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.

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