The regulator has now confirmed the increase, originally contained in its business plan for the year.
Category A13, including financial advisers, will have increased fees overall of £77.1 million. This is an increase on the £73.7 million paid last year.
See tables beneath.
But due to the fact that the estimated number of firms in this fee block will rise to 9,779, from 9,501 last year, individual companies could pay less. The FCA expects a 2.9% in firms falling into this category.
The FCA has also announced the amount be delivered back to the A.13 fee block from penalties applied on poorly performing firms will be £3.9m rather than the originally stated estimate of £4.4m.
The overall annual funding requirement for 2017/18 will rise by nearly £8m to £526.9 million. This includes £2.5 million for costs associated with Brexit. Last year’s annual funding requirement was £519.3m.
The minimum fee for small firms is set to rise by 1% - equating to £11 - to £1,095.
An FCA report previously stated: “We are proposing to increase the 2017/18 minimum and flat fees by 1% to reflect the inflation increase in our ongoing regulatory activities (ORA). We are also proposing to link minimum fees and flat fees to future movements in our ORA. Such a link will mean that the level of minimum fees and flat fees will reflect increases in our costs over time rather than only variable fee-payers picking up these increased costs (or any decreases in our costs, if applicable).”
Below: FCA tables showing fee allocations
