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FCA Proposes Regulatory Fees and Levies for 2017/18

The FCA has published consultation paper CP17/12 covering proposed regulatory fees and levies in 2017/18.  The consultation paper covers fees and regulatory levies for the FCA, Financial Ombudsman Service (FOS), the Money Advice Service (MAS), the Pension Wise service, and the illegal money lending expenses of HM Treasury.  You can access CP17/12 by clicking here.
The FCA said its annual funding requirement (AFR) for 2017/18 would be £526.9 million, up by £7.6 million (1.5%) on the previous year.  The FCA is proposing:

  • An even distribution of the 1.5% increase across fee-payers other than for exceptions related to, for example, changes in the FCA's regulatory scope. Some fee-payers will therefore see a decrease in fees resulting from the FCA's allocations.
  • To increase minimum fees by 1%. The standard minimum fee will increase by £11 to £1,095 and the banded minimum fees for consumer credit will increase between £1 and £10 to £101 and £1,010.  Around 36% of standard minimum fee-payers are small enough to only pay the minimum fee.  Around 94% of consumer credit firms are small enough to only pay minimum fees.