Financial advisers will be levied a total of £77.1m for the 2017/18 financial year, 4.7% more than in the previous year, the Financial Conduct Authority (FCA) has confirmed.
In a fees paper out on Monday the FCA confirmed it will collect £3.4m more from the A.13 fee block than it did for the 2016/17 financial year. In April, the regulator expected there would be a 3.7% reduction in rates paid by individual advisory firms due to a 2.9% increase in the number of firms operating in the market. However, this was revised down to 2.6%, despite the significant, unanticipated growth of the fee block. The FCA had originally expected the a.13 fee block to grow from 9,501...
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