While many regulated sectors, such as deposit takers, will see fees rise by up to 4.3% the A13 ‘advisory arrangers, dealers or brokers’ block will see a 1.1% reduction in total fees
The amount charged to this block is set to fall from £80.3m to £79.4m.
The fee proposals are linked to the FCA’s Business Plan for 2019/20 which is published today.
The fee proposals reveal that the total cost for the new consumer adviser organisation, the Money and Pensions Service (MAPS), will be £117.6m. Advisers will be expected to pick up their share on the same basis that costs were allocated for MAS and Pension Wise.
However, the levy for MAPS pensions guidance arm will rise from £2m to £4.3m for the A13 adviser block, up 12%.
Details of the fee changes are here: CP19/16: FCA regulated fees and levies 2019/20 (https://www.fca.org.uk/publications/consultation-papers/cp19-16-regulated-fees-levies-rates-proposals-2019-20)
The FCA says its immediate business priority is to support an ‘orderly transition post Brexit.’
The Business Plan outlines four priorities:
- Continuing work on firms’ culture and governance, including extending the Senior Managers and Certification Regime to all firms
- Ensuring the fair treatment of firms’ existing customers by monitoring firms’ practices, including the information they give prospective and current customers
- Developing the work being done on operational resilience to help protect the UK’s financial system and
- Combating financial crime and improving anti-money laundering practices
The plan also sets out three additional cross-sector priorities, which have longer time horizons:
- The future of regulation
- Ensuring innovation and the use of data work in consumers’ interests
- Examining the intergenerational challenge in financial services
Andrew Bailey, FCA chief executive, said: “Dealing with Brexit will be the most immediate challenge we face. But this plan also commits us to a stretching programme of work across the financial sector.
“In order to ensure we are a regulator that continues to serve the public interest, we need to adapt to the ever-changing environment. This is why the future of regulation is a key priority in this year’s Business Plan.
“We will be leading a debate about this with stakeholders so that we can keep pace with the developments taking place in the markets that we regulate and in wider society.”