FCA adviser levy falls to £73.7m

FCA logo glass 2 620x430The FCA has confirmed its levy for advisers in 2016/17 will be £73.7m, a 1.6 per cent decrease on the prior year.

The regulator released its proposed fees in a consultation in April.

It also confirmed today a decrease in the cost of “ongoing regulatory activities” from £479m in 2015/16 to £471.4m in 2016/17.

Portfolio managers will see a 5.1 per cent drop in fees, to pay £42.6m to the FCA costs, down from £44.9m last year.

Managers and depositories of investment funds, and operators of collective investment schemes or pension schemes will see a 9.5 per cent drop to fees, paying £11.8m to the FCA’s costs, down from 13.1 per cent for 2015/16.

The FCA’s budget will rise by 7.8 per cent to £519.3m for 2016/17, up from £481.6m for 2015/16. However, the increase in costs is due to the introduction of consumer credit to the FCA’s remit. Without those costs the FCA’s budget remains stable at £481.6m for 2016/17.