From 24 January the new authorisation fee structure from the Financial Conduct Authority (FCA) will see Financial Planning firms pay a standard authorisation fee of £2,500.

The FCA will cap fees for Claims Management Firms at £10,000 from 1 March, it confirmed today.

Reported total revenue earning from retail investment intermediation fell by 1% to just under £4.4bn according to data drawn from the FCA’s retail mediation activities return (RMAR) for 2020.

Financial advisers will pay £82.3m towards the Financial Conduct Authority’s fees for the coming year, according to its annual fee policy statement.