| Link(s): | CP24/6: FCA fees and levies: rates proposals 2024/25 CP24/6: FCA regulated fees and levies: rates proposals for 2024/25 | FCA |
Context
The FCA is consulting on the rates for the regulatory fees and levies for the financial year (1 April 2024 to 31 March 2025).
Key points to note and next actions
The FCA’s Annual Funding Requirement and financial penalty rebate results in a proposed £719.6m in fees payable by regulated firms for the 2024/25 fee year. This is a 14.4% increase on the prior year.
Based on the FCA’s proposed fee-block allocations, the following are some of the increases proposed:
- A. 19 General insurance mediation – 9.8%
- A. 23 Funeral Plan intermediaries and providers – 9.7%
- CC2 Consumer Credit-full permission – 18%
This consultation is open until the 14 May. time enough to give the 100-page document appropriate attention. Given the relative lack of mention of insurance in the Strategy and Business Plan, and the move by the FCA to focusing on outcomes rather than sectors, there may be an argument for questioning the fee allocation and, again, like the FSCS funding, should the firms that are causing the harm (e.g., in the investment space) pay more