The FCA's annual funding requirement for 2022/23 will rise to £640.1m under the plans.

For Block A13, which includes most Financial Planning firms, annual fees will rise 5.2% year-on-year to a total of £82.3m for 2022/23. This is lower than the £86.5m initially proposed by the FCA.

Minimum and flat rate fees are to increase by 6.2%, after two years of being frozen during the pandemic.

Minimum fees for advisory firms will rise to £1,750 for 2022/23 from £1,151. There will be a further rise to £2,200 for 2023/24.

Appointed representative fees will rise 3.9% to £3,453.

No changes have been made to the new application fee structure or fees which were launched in January. The regulator said it will review the new application fees in April 2023.

The regulator is also to remove the Covid-19 concession, with payment terms returning to normal for 2022/23.

In its business plan, the FCA said it will hold itself accountable against published outcomes and performance metrics as part of a three-year strategy to improve outcomes.

It will be the first time the regulator has published these figures.

The metrics are part of its new three-year strategy published today with the regulator aiming to prevent serious harm, set higher standards and promote competition.

To improve regulation the FCA  will add 80 new roles to help it shut down problem firms faster.

The regulator will measure three sets of metrics:

• metrics based on research data that record the attitudes, perceptions or behaviours of consumers / firms
• metrics that best provide market data that measure or are indicative of the outcome
• metrics based on the FCA data that records FCA activities

In developing the strategy, the FCA has calculated that for every pound spent on its operations, consumers and small businesses benefit by at least £11.

The strategy builds on activities launched by the regulator last July, when CEO Nikhil Rathi committed the regulator to becoming, “more innovative, assertive and adaptive” and with a pledge to transform the FCA into a data-led organisation.

Mr Rathi said: “Our new strategy enables the FCA to respond more quickly to the rapidly changing financial services sector. It will give us a foundation to continuously improve for the benefit of our stakeholders, and respond swiftly to economic and geopolitical developments.”

The regulator said it has also considered the rising cost of living, which could drive greater demand for credit products and lead consumers to look for new ways to manage and make more of their money.

The FCA will also work closely with the Government and Bank of England in response to the war in Ukraine.