FCA building
Financial Planners will pay 18.7% less to the FCA in fees in total under the regulator's 2014-15 proposals announced today.
Changes have been made to the categories which determine the proportion of fees each group or type of financial body must pay to fund the regulator.
Most advisers will come under the FCA's fee-block A13.
Those coming under this category will pay £68m instead of the £83.6m paid out in 2013-14. Last year's figure included project costs relating to the implementation of RDR.
There are 8,828 firms estimated to come into this fee block.
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The total annual funding requirement for the FCA for 2014 to 2015 is £446.4m - a rise of about £14m compared to the previous year.
Designated professional bodies, which include the IFP, face a 3.1% rise (About (£0.2m in total).
Category A10, described as 'firms dealing in principal', will also have a reduction (5.6%) which the FCA said reflected reduction in costs relating to Libor.
A21 firms – those 'holding client money or assets or both' – will pay £13.4m under the plan.
The figures are all contained in the FCA Regulated fees and levies: Rates proposals 2014/15.
