Context
The FCA has published its Policy Statement confirming the regulatory fees & levies for 2023/24.
Key points to note
- The FCA’s total Annual Funding Requirement (AFR) is up 8.1% to £681.8m (2022/23: £630.9m)
- Minimum fees, flat rate fees and application fees are being frozen at the current level.
- £1.6m has been credited to the claims management company (CMC) fee-block, which is a reconciliation from the final cost of bringing CMCs into FCA regulation against a £2.5m payment from the Ministry of Justice when it transferred regulatory responsibility. As a result, the AFR for the CMC fee-block has fallen from the consulted £2.1m to £0.5m. Although this considerably reduces CMC fees for 2023/24, the CMC AFR will be similar to the level consulted on from next year.
- The AFR for General Insurance intermediation has increased by 10.4% to £34.7m from £31.5m (2022/23).
- The AFR for the Consumer Credit fee blocks has increased by 8.1% to £9.5m (Limited Permission) and £49.1m (Full Permission) from £8.8 and £45.4m respectively (2022/23).
Next actions
None – for information and awareness.