Under FCA plans, released yesterday, financial advisers will be among those in the sector required to contribute towards implementation of the Markets in Financial Instruments Directive from next year.

MiFID II is set to come into force in January 2018.

The regulator has outlined proposals on how it will be paid for, with fund managers and pension scheme operators also included in the list.

The FCA consultation paper stated: “Since MiFID II will not be implemented until January 2018, we do not yet have comprehensive information about the proportion of firms in each fee-block that will directly benefit from it.

“As an interim measure, we intend next year to allocate the costs between the relevant fee-blocks in proportion to their share of the FCA’s AFR. We will propose the costs to be recovered when we consult on fee-rates for 2017/18 in spring 2017.”

The document stated: “When we complete cost recovery in 2018/19, we expect to have sufficient information to moderate the allocations for fee-blocks with lower proportions of firms benefiting directly from MiFID II. We will set out the final position in spring 2018.

“We propose to focus our cost recovery on the fee-blocks most directly impacted by the MiFID II regulatory regime and market data reporting.”

Small firms in the A fee-blocks such as advisers will continue to pay the standard minimum fee if they are below the minimum fee threshold, meaning income up to £100,000. This would be without “making any additional contribution towards cost recovery”. Standard fees were £1,084 in 2016/17.

The FCA intends to put forward costs to be recovered when consulting on fee-rates for 2017/18 in spring 2017.

The paper stated: “When we complete cost recovery in 2018/19, we expect to have sufficient information to moderate the allocations for fee-blocks with lower proportions of firms benefiting directly from MiFID II. We will set out the final position in spring 2018.”