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FCA publishes its initial 2022/23 Fees and Levies consultation

Apr 14, 2022 | FCA

Link(s):CP22/7: FCA regulated fees and levies: rates proposals for 2022/23 | FCA

Context

Alongside the documents, web pages and publications mentioned above, the FCA has published its initial Fees and Levies 2022/23 Consultation, CP22/7.

Key points to note

  • The headline figure is that the proposed Annual Funding Requirement (“AFR”) is going up to £640.1m in 2022/23 from £613.7m in 2021/22, an increase of £26.4m or 4.3%. However, it is a £35.7m or 6.2% increase in the baseline Ongoing Regulated Activities (“ORA”) requirement.
  • The A19 General Insurance Mediation fee block is seeing a 3.2% increase in AFR from £30.4m to £31.4m.

Next actions

This consultation is open until the 12th of May, time enough to give the 100-page document appropriate attention.