The FCA has revealed plans to change how it calculates the scale of regulatory levies for next year and 2020.

The regulator published its ‘Regulatory fees and levies: policy proposals for 2019/20’ consultation paper today.

The document suggests scrapping fee-block F, which contains mutual societies that are registered on the mutuals register but not authorised by the FCA, under the Financial Services Act 2000.

The regulator says it would then charge the cost of maintaining the register as an FCA overhead, adding around 0.3 per cent to the fees of variable fee-payers.

The FCA also proposes to axe charges for inspecting the register, except where a member of the public requests a personal visit to FCA offices.

The regulator said it costs around £1m to maintain the register, but at least £150,000 of that represents the cost of collecting the fees.

Respondents have until 14 January to participate in the consultation and feedback will be published, along with the FCA’s rules, in its Handbook
Notice “in February or March 2019.”

The full consultation is available on the FCA’s website.