The A13 block of financial professionals, including advice firms, would pay 1.6% less, that is £73.7m, against the £74.9m paid in 2015/16. Corporate finance advisers, falling into the A14 block, would also get a 1.6% decrease, going from £13.7m to £13.5m.

The regulator has put forward its 2016/17 fees for consultation today, as it published its business plan. The FCA also said it would hand the A13 fee block a £4.2 million rebate on its 2016/17 fees from fines levied against firms in that funding block.

Pension Wise funding allocations were also released.

This stated that the adviser category would pay £2.7m or 12%. This puts the A13 block below the other five categories who will be paying into the guidance funding.

Managers and depositaries of investment funds, and operators of collective investment schemes or pension schemes would pay £3.6m or 16% and portfolio managers £5.4m or 24%, the same as life insurers and deposit acceptors.

Regarding this pension guidance allocation, the FCA report stated: “The A.13 fee block includes firms that provide financial advice who will only benefit if, after using Pension Wise, consumers seek advice from regulated financial advisers.

“However, firms in the other four fee blocks will more likely benefit as the monies released through greater pension flexibility, if used for investment, will be distributed amongst them. The reduced allocation to A.13 is intended to make an allowance for this difference.”

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