Compliance

UK Advisors' Regulatory Fees Set To Climb Nearly 5 Per Cent

Josh O'Neill, Assistant Editor, 4 July 2017

articleimage

The UK's Financial Conduct Authority has confirmed some of its plans outlined in a consultation in April.

The UK's financial services watchdog has confirmed its plans to hike advisors' regulatory fees 4.7 per cent.

In a policy statement on its bills for the year, the Financial Conduct Authority has announced its fees for the A.13 block, which includes financial advisors, will increase from £73.7 million ($95.4 million) to £77.1 million.

The increase reiterates plans outlined by the regulator in an April consultation on funding for 2017/2018.

But the news for advisors is not all bad.

The FCA said in its policy statement that £3.9 million will be handed back to the A.13 block from penalties imposed on poorly-performing firms, £500,000 less than the £4.4 million estimated return set out in April's consultation. 

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes